{"title":"Revisiting the Macroeconomic Effects of Monetary Policy Shocks*","authors":"Firmin Doko Tchatoka, Qazi Haque","doi":"10.1111/1475-4932.12801","DOIUrl":null,"url":null,"abstract":"<p>This study re-evaluates the macroeconomic impact of monetary policy shocks in the United States using the proxy-SVAR approach of Gertler and Karadi (<i>American Economic Journal: Macroeconomics</i>, 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, <i>Handbook of Macroeconomics</i>, 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.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 329","pages":"234-259"},"PeriodicalIF":1.1000,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12801","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Record","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1475-4932.12801","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
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.
期刊介绍：
Published on behalf of the Economic Society of Australia, the Economic Record is intended to act as a vehicle for the communication of advances in knowledge and understanding in economics. It publishes papers in the theoretical, applied and policy areas of economics and provides a forum for research on the Australian economy. It also publishes surveys in economics and book reviews to facilitate the dissemination of knowledge.
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