Revisiting the Macroeconomic Effects of Monetary Policy Shocks

被引：0
|
作者：
Tchatoka, Firmin Doko [1 ]
Haque, Qazi [1 ,2 ,3 ]
机构：
[1] Univ Adelaide, Sch Econ & Publ Policy, Adelaide, SA, Australia
[2] Australian Natl Univ, Ctr Appl Macroecon Anal, Canberra, ACT, Australia
[3] Univ Adelaide, Sch Econ & Publ Policy, 10 Pulteney St, Adelaide, SA 5005, Australia
来源：
ECONOMIC RECORD | 2024年 / 100卷 / 329期
基金：
澳大利亚研究理事会;
关键词：
INCOME TAX CHANGES; BUSINESS-CYCLE; UNITED-STATES; CREDIT SPREADS; LIQUIDITY; INFERENCE; IDENTIFICATION; EXPECTATIONS; STABILITY; CHANNELS;
D O I：
10.1111/1475-4932.12801
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study re-evaluates the macroeconomic impact of monetary policy shocks in the United States using the proxy-SVAR approach of Gertler and Karadi (American Economic Journal: Macroeconomics, 2015, 7, 44-76). Despite increased credit costs and the presence of the credit channel, our analysis reveals modest effects on economic activity post-mid-1980s. This robust finding holds across various inference methods and sample considerations. A counterfactual analysis within the framework of Bernanke, Gertler, and Gilchrist (1999, Handbook of Macroeconomics, Elsevier) suggests that a stronger response to inflation in monetary policy execution may explain the subdued impact of shocks, offering valuable insights for policy refinement and understanding the dynamics of economic activity.
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页码：234 / 259
页数：26
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