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João B. Duarte Profile picture
João B. Duarte
@JoaoBDuart3
Assistant Professor @NovaSBE, Ph.D. in Economics at University of Illinois (@EconAtIllinois)
Mar 8, 2023 • 7 tweets • 4 min read
"Monetary actions affect economic conditions ONLY after a lag that is both long and variable" Milton Friedman, JPE, 1961

🚨New paper: we find that this statement is qualified: ❌ONLY

We find important short lags before monetary policy effects fully unravel at long lags 🧵 We use novel consumption (bank transactions), sales (VAT) and employment (social security) at very high-frequency (daily) in Spain, together with high-frequency monetary policy shock identification for the Euro Area, to revisit Friedman's dictum. 2/N