“…However, estimates of the macroeconomic effects of monetary policy often differ across studies with regard to both timing and magnitude. The studies generating these estimates frequently differ in terms of the variables comprising the model, the sample period for estimation, and the method of identifying policy shocks; see, for example, Christiano, Eichenbaum, and Evans (1994;, Gordon and Leeper (1994), Lastrapes and Selgin (1995), Pagan and Robertson (1995;, and Leeper, Sims, and Zha (1996).…”