How to Solve the Price Puzzle? A Meta-Analysis

The short-run increase in prices following an unexpected tightening of monetary policy constitutes a puzzle frequently reported in empirical studies. Yet the puzzle is easy to explain away when all published models are quantitatively reviewed. We collect and examine about 1,000 point estimates of im...

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Bibliographic Details
Published in:	Journal of money, credit and banking credit and banking, 2013-02, Vol.45 (1), p.37-70
Main Authors:	RUSNAK, MAREK, HAVRANEK, TOMAS, HORVATH, ROMAN
Format:	Article
Language:	English
Subjects:	Banking Business cycles C83 Central bank independence Central banks Commodity prices E52 Economic inflation Economic models Estimation bias Geldpolitik Geldpolitische Transmission Interest rates Meta-Analyse Meta-analysis Modellierung Monetary policy monetary policy transmission Monetary policy transmission mechanisms Openness Preisniveau price puzzle Prices Puzzles Recursion Regression analysis Schock Studies Transmission mechanism Transparency VAR-Modell Vector autoregression vector autoregressions Vector-autoregressive models
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