Research Discussion Paper – RDP 2017-02 Anticipatory Monetary Policy and the ‘Price Puzzle’

Contents

• Introduction
• Romer and Romer's Approach
• Robustness to Alternative Specifications
• What's Going on?
• Large-scale Structural Econometric Models
• Implications of Our Results
• Appendix A: Details of the VAR
• Appendix B: Additional Results
• Appendix C: Forecast Data and Alternative Specifications
• References

We would like to thank Anthony Brassil, Efrem Castelnuovo, Christian Gillitzer, Jarkko Jääskelä, Dan Rees and John Simon for useful comments and suggestions. The views expressed in this paper are our own and do not necessarily reflect those of the Reserve Bank of Australia. We are solely responsible for any errors.