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Transmission Lags of Mentary Policy: A Meta-Analysis
Social Science Research Network
The transmission of monetary policy to the economy is generally thought to have long and variable lags. In this paper we quantitatively review the modern literature on monetary transmission to provide stylized facts on the average lag length and the sources of variability. We collect 67 published studies and examine when prices bottom out after a monetary contraction. The average transmission lag is 29 months, and the maximum decrease in prices reaches 0.9% on average after adoi:10.2139/ssrn.2188438 fatcat:ig36j3qhprby5camc6j7s5pecu