The purpose of this paper is to investigate the effects of unanticipated monetary policy innovations on output and price for Ethiopia from 1991:Q1 to 2016:Q1.,Short run and long run identification schemes on structural vector autoregressive model are employed in this study.,The impulse response function results generated show that while a positive shock in interest rate causes a reduction in output and price puzzle, a positive shock to broad money supply has a positive and significant effect on output and price. A positive shock in real effective exchange rate has also an expansionary, though insignificant, effect on impact on both output and price. These results are especially true for the short run identification scheme. As to the results from the variance decomposition, the study shows that the highest variation in output and price is caused by broad money supply shock in the short run.,It adds to the scarce empirical literature on the effects of monetary policy innovations on the Ethiopian economy.

中文翻译：

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埃塞俄比亚货币政策创新的动态影响

本文旨在研究1991：Q1到2016：Q1期间意外的货币政策创新对埃塞俄比亚的产出和价格的影响。本研究采用结构向量自回归模型的短期和长期识别方案。产生的冲激响应函数结果表明，利率的正向冲击会导致产出和价格难题的减少，而对广义货币供应量的正向冲击会对产出和价格产生积极而显着的影响。实际有效汇率的积极冲击也对产出和价格的影响具有扩展性，尽管微不足道。这些结果对于短期识别方案尤其如此。至于方差分解的结果，