## Is Monetary Policy Becoming Less Effective? |

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actual economy added alternative economy assumption billion bond rate coefficient estimates decrease disposable income dummy variables effect employment equation passes Equation X2 Tests equations 19 Estimation period Exog expected future explanatory variables federal government financial assets firm sector fixed investment government debt hours paid household expenditure equations household sector import equation income effect increase interest payments interest rate variables INTG labor constraint variable lagged dependent variable lagged values lags test led values log form log PF Monetary Policy negative nominal adjustment nonlabor income passes the lags peak interpolation peak to peak percentage point Price deflator price equation price level rational expectations real GDP real interest rates real wage RHO=4 test RMSE short term stochastic equations substitution effect tax rate Test X2 df Tests RHS Variable transfer payments values were tried Variable Est t-stat wage rate X2 df p-value X2 Tests RHS x2 value