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Monetary Policy and Sectoral Shocks : Did the Federal Reserve React Properly to the High-Tech Crisis?

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dc.contributor.authorRaddatz, Claudio
dc.contributor.authorRigobon, Roberto
dc.date.accessioned2014-04-17T17:06:03Z
dc.date.available2014-04-17T17:06:03Z
dc.date.issued2003-11
dc.description.abstractThe authors present an identification strategy that allows them to study the sectoral effects of monetary policy and the role that monetary policy plays in the transmission of sectoral shocks. They apply their methodology to the case of the United States and find some significant differences in the sectoral responses to monetary policy. They also find that monetary policy is a significant source of sectoral transfers. In particular, a shock to equipment and software investment, which one identifies with the high-tech crisis, induces a response by the monetary authority that generates a temporary boom in residential investment and durables consumption but has almost no effect on the high-tech sector. Finally, the authors perform an exercise evaluating the model's predictions about the automatic and more aggressive monetary policy response to a shock similar to the one that hit the United States in early 2001. They find that the actual drop in interest rates is in line with the predictions of the model.en
dc.identifierhttp://documents.worldbank.org/curated/en/2003/11/2811632/monetary-policy-sectoral-shocks-federal-reserve-react-properly-high-tech-crisis
dc.identifier.doi10.1596/1813-9450-3160
dc.identifier.urihttps://hdl.handle.net/10986/17898
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 3160
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectAGGREGATE DEMAND
dc.subjectAUTOREGRESSION
dc.subjectBENCHMARK
dc.subjectCONSUMER PRICE INDEX
dc.subjectECONOMIC ANALYSIS
dc.subjectEXOGENOUS SHOCKS
dc.subjectEXOGENOUS VARIABLES
dc.subjectFACTORS OF PRODUCTION
dc.subjectFORECASTS
dc.subjectGDP
dc.subjectGDP DEFLATOR
dc.subjectHUMAN CAPITAL
dc.subjectINNOVATIONS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectMONETARY AUTHORITY
dc.subjectMONETARY POLICY
dc.subjectMONETARY POLICY RULE
dc.subjectNET EXPORTS
dc.subjectPRICE LEVELS
dc.subjectREAL GDP
dc.subjectREDISTRIBUTIVE EFFECTS
dc.subjectSTANDARD DEVIATION
dc.subjectSTOCK MARKETS
dc.subjectTROUGH
dc.subjectVAR MODELS MONETARY POLICY ECONOMETRIC MODELS
dc.subjectMONETARY POLICY POLITICAL ASPECTS
dc.subjectHIGH TECHNOLOGY INDUSTRIES
dc.subjectREAL ESTATE INVESTMENT
dc.subjectDURABLE GOODS
dc.subjectINTEREST RATES
dc.subjectACCOUNTING STANDARDS
dc.subjectTERRORISM
dc.subjectFISCAL POLICY
dc.subjectFEDERAL RESERVE SYSTEM
dc.titleMonetary Policy and Sectoral Shocks : Did the Federal Reserve React Properly to the High-Tech Crisis?en
dspace.entity.typePublication
okr.crosscuttingsolutionareaJobs
okr.crossref.titleMonetary Policy and Sectoral Shocks: Did the Federal Reserve React Properly to the High-Tech Crisis?
okr.date.doiregistration2025-04-10T10:50:26.794810Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2003/11/2811632/monetary-policy-sectoral-shocks-federal-reserve-react-properly-high-tech-crisis
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeTransport and ICT
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.guid369571468760574350
okr.identifier.doi10.1596/1813-9450-3160
okr.identifier.externaldocumentum000160016_20031205123202
okr.identifier.internaldocumentum2811632
okr.identifier.reportWPS3160
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2003/12/05/000160016_20031205123202/Rendered/PDF/wps3160.pdfen
okr.topicEconomic Theory and Research
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicSocial Protections and Labor::Labor Policies
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.topicPayment Systems and Infrastructure
okr.topicMacroeconomics and Economic Growth::Economic Stabilization
okr.topicInformation and Communication Technologies::ICT Policy and Strategies
okr.unitOff of Sr VP Dev Econ/Chief Econ (DECVP)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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