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.

引用

页码：234 / 259

页数：26

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