Thirty-Five Years of Model Building for Monetary Policy Evaluation: Breakthroughs, Dark Ages, and a Renaissance

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  • This is a written version of a luncheon address given during the conference marking the 35th anniversary of the 1970 Econometrics of Price Determination Conference. It is not meant to be a detailed survey of the literature, but rather a brief overview of research trends during the past 35 years, touching on a few illustrative examples from a huge and rapidly growing literature. I would like to thank David Wilcox for inviting me to speak at the conference and for suggesting this topic, and Pete Klenow, Ben McCallum, John Lipsky, and Ken West for helpful discussions and comments.

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