Comment on “The long and variable lags of monetary policy: Evidence from disaggregated price indices” by S. Borağan Aruoba and Thomas Drechsel

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2024-11-01 DOI:10.1016/j.jmoneco.2024.103653

Jonathan H. Wright

引用次数: 0

Abstract

The vast majority of the literature on the effects of monetary policy shocks has considered their impacts on aggregate variables, including aggregate prices. The paper by Borağan Aruoba and Thomas Drechsel studies the impacts of monetary policy on the components of PCE. It documents considerable variability in the impulse response functions across components and finds that monetary policy shocks have large but very delayed effects on price aggregates. The finding of cross-sectional variability and its implications are very convincing, The large but delayed effects on aggregates may be more dependent on methodology and shock identification.

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对 S. Borağan Aruoba 和 Thomas Drechsel 合著的 "货币政策的长滞后和可变滞后：S. Borağan Aruoba 和 Thomas Drechsel 合著的 "货币政策的长滞后和可变滞后：来自分类价格指数的证据 "一文的评论

关于货币政策冲击影响的绝大多数文献都考虑了其对包括总价格在内的总体变量的影响。Borağan Aruoba 和 Thomas Drechsel 的论文研究了货币政策对 PCE 各组成部分的影响。论文记录了各组成部分脉冲响应函数的巨大差异，并发现货币政策冲击对价格总量的影响巨大但非常滞后。跨部门变异性的发现及其影响非常令人信服，对总量的巨大但延迟的影响可能更多取决于方法和冲击识别。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.