How to Solve the Price Puzzle? A Meta-Analysis

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F13%3A10133718" target="_blank" >RIV/00216208:11230/13:10133718 - isvavai.cz</a>
Result on the web
<a href="http://dx.doi.org/10.1111/j.1538-4616.2012.00561.x" target="_blank" >http://dx.doi.org/10.1111/j.1538-4616.2012.00561.x</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1111/j.1538-4616.2012.00561.x" target="_blank" >10.1111/j.1538-4616.2012.00561.x</a>

Result language
angličtina
Original language name
How to Solve the Price Puzzle? A Meta-Analysis
Original language description
The short-run increase in prices following an unexpected tightening of monetary policy constitutes a frequently reported puzzle. Yet the puzzle is surprisingly easy to explain away when all published models are quantitatively reviewed. We collect about 1,000 point esti- mates of impulse responses from 70 articles using vector autoregressive models and present a simple method of research synthesis for graphical results. Our ndings indicate publication selection in favor of the intuitive response of prices to a tightening. The estimates depend systematically on study design: when misspeciffications are filtered out, the price puzzle disappears. In addition, the long-run response of prices to monetary policy shocks is driven by the structural characteristics of the economy.
Czech name
—
Czech description
—

Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
—

Project
<a href="/en/project/GAP402%2F11%2F1487" target="_blank" >GAP402/11/1487: Monetary policy, financial stability and financial crisis</a><br>
Continuities
S - Specificky vyzkum na vysokych skolach

Publication year
2013
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Similar results(10)