Staff research

• Monetary Shocks in the G-6 Countries: Is There a Puzzle?

  Staff Working Paper 1997-7 Ben Fung, Marcel Kasumovich

  This paper attempts to reduce the uncertainty about the dynamics of the monetary transmission mechanism. Central to this attempt is the identification of monetary policy shocks. Recently, VAR approaches that use over-identifying restrictions have shown success in isolating such shocks.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, International topics, Monetary policy transmission JEL Code(s): E, E5, E52, E58

• Lagging Productivity Growth in the Service Sector: Mismeasurement, Mismanagement or Misinformation?

  Staff Working Paper 1997-6 Dinah Maclean

  While the service sector has been growing rapidly as a share of total output, aggregate productivity growth has generally lagged behind that of the goods sector. In this report, the author assesses a range of explanations for lagging service sector productivity growth.

  Content Type(s): Staff research, Staff working papers Topic(s): Productivity, Recent economic and financial developments JEL Code(s): L, L8, L80, O, O4, O47