A copy of this work was available on the public web and has been preserved in the Wayback Machine. The capture dates from 2017; you can also visit the original URL.
The file type is
To what extent have monetary policy shocks been helpful at stabilizing in ‡ation and unemployment? To address this question, I employ Bayesian techniques and post-1984 U.S. data to estimate a medium-scale DSGE model with labor market frictions. I use the estimated model to back out the time series of the shocks that have hit the U.S. economy over the period 1985:Q1 -2009:Q4 as well as the path of the natural rate of unemployment. Historical decompositions of the model-consistent unemploymentdoi:10.1017/s1365100512000053 fatcat:gui3wn26m5cd5kmtujgrhdaqdi