蝌蚪网 Journal:
Macroeconomics
ISSN 1945-7707 (Print) | ISSN 1945-7715 (Online)
The Neo-Fisher Effect: Econometric Evidence from Empirical and Optimizing Models
蝌蚪网 Journal: Macroeconomics
(pp. 133–62)
Abstract
This paper assesses the presence and importance of the neo-Fisher effect in postwar data. It formulates and estimates an empirical and a New Keynesian model driven by stationary and nonstationary monetary and real shocks. In accordance with conventional wisdom, temporary increases in the nominal interest rate are estimated to cause decreases in inflation and output. The main finding of the paper is that permanent monetary shocks that increase the nominal interest rate and inflation in the long run cause increases in interest rates, inflation, and output in the short run and explain about 45 percent of inflation changes.Citation
Uribe, Mart铆n. 2022. "The Neo-Fisher Effect: Econometric Evidence from Empirical and Optimizing Models." 蝌蚪网 Journal: Macroeconomics 14 (3): 133–62. DOI: 10.1257/mac.20200060Additional Materials
JEL Classification
- E12 General Aggregative Models: Keynes; Keynesian; Post-Keynesian
- E23 Macroeconomics: Production
- E31 Price Level; Inflation; Deflation
- E43 Interest Rates: Determination, Term Structure, and Effects
- E52 Monetary Policy