Markov regime-switching – Monetary Policy after the Global Crisis https://monetarypolicy2018.weaconferences.net 19th February to 20th April, 2018 Mon, 09 Jun 2025 12:37:55 +0000 en-GB hourly 1 Money supply volatility and the macroeconomy https://monetarypolicy2018.weaconferences.net/papers/money-supply-volatility-and-the-macroeconomy/ https://monetarypolicy2018.weaconferences.net/papers/money-supply-volatility-and-the-macroeconomy/#comments Fri, 09 Feb 2018 16:02:08 +0000 http://monetarypolicy2018.weaconferences.net/?post_type=wea_paper&p=172 This paper extends the ongoing literature on the macroeconomic effects of money supply volatility. We use monthly data for the United States and a bivariate, Markov switching, structural vector error correction (VEC) model that is modiffed to accommodate GARCH-in-Mean errors to isolate the effects of money growth volatility on output growth. The model allows us to study how monetary uncertainty affects economic growth across different macroeconomic regimes.

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