Does Inflation Adjust Faster to Aggregate Technology Shocks than to Monetary Policy Shocks?

This paper studies U.S. inflation adjustment speed to aggregate technology shocks and to monetary policy shocks in a Bayesian VAR model with a large number of macroeconomic variables. According to the model estimated on the 1960-2007 sample, inflation adjusts much faster to aggregate technology shocks than to monetary policy shocks.

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