gali - monetary policy, inflation and the business cycle
TRANSCRIPT
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Figure1.
Estim
atedDynamic
Responsetoa
MonetaryPolic
yShock
S
C h i t i
E i h
b
d E
( 1 9 9 9 )
Feder
alfundsrate
GDP
GD
Pdeflator
M2
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g
y
y
(
))
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g
gy
(
)
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Figure3.3:E
ffectsofaMone
taryPolicyShock
(MoneyGrowth
Rule)
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Figure3.4:
EffectsofaTech
nologyShock(M
oneyGrowthRule)
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y
0
0.2
0.4
0.6
0.
8
1
1.2
1.4
1.6
1.8
2
00.2
0.4
0.6
0.81
1.2
1.4
1.6
1.82
2.1
Determinacy
Indeterminacy
F
igure4.1
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y
0
0.5
1
1.5
2
0510
15
20
25
30
35
Determinacy
Indeterminacy
Fig
ure4.2
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p
y
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Figure5.2
:OptimalRespo
nsestoaPersistentCostPushShock
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F
igure6.1
w
p
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
00.2
0.4
0.6
0.81
1.2
1.4
1.6
1.82
Indeterminacy
Determinacy
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gy
p
+w
0
0.5
1
1.5
2
2.5
3
00.51
1.52
2.53
Determinacy
Indeterminacy
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