Which are the Effects of Monetary Policy? Identifying Policy Shocks in recursive VARs

Seminar paper from the year 2006 in the subject Economics - Monetary theory and policy, grade: 1,0, University of Frankfurt (Main), language: English, abstract: 1 IntroductionIn the mid 70 s people started to doubt the validity of macroeconomic models as they were not able to forecast the worldwide recession due to the oil-price shock. These models needed an a priori seperation into endogenous or ...