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Additional info for The Monetary Transmission Process: Recent Developments and Lessons for Europe
8 shows up even more dramatically in impulse response functions. 8. 4b, where the case with h 0 is in part b. Comparing the upper left panels from the two sets, we see that the response of yt to a unit Rt shock is almost three times as large when habit formation is absent. 8: an unanticipated increase in Rt causes pt to rise temporarily, rather than fall. This is the same property that was observed to obtain in the simple analytical model of Section 2. Most readers will probably ®nd it implausible, although it is reminiscent of the `price puzzle' empirical results that have some tendency to arise in VAR studies with models that include no commodity-price variable (Sims, 1992).
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