货币政策冲击的传导

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2021-06-29 DOI:10.1257/mac.20180124

Silvia Miranda-Agrippino, Giovanni Ricco

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引用次数: 0

摘要

由于通过政策行动披露的信息，通常用于识别货币政策干扰的工具可能会将真实的政策冲击与有关经济状况的信息结合起来。我们表明，货币政策的这种信号效应可能会引起文献中报道的经验难题，并提出了一种新的高频货币政策冲击工具，该工具可以解释信息刚性。我们发现，货币紧缩无疑是收缩性的，伴随着国内需求、劳动力和信贷市场状况以及资产价格和代理人预期的恶化。(凝胶d82, d84, e32, e43, e52, e58, g12)

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The Transmission of Monetary Policy Shocks

Commonly used instruments for the identification of monetary policy disturbances are likely to combine the true policy shock with information about the state of the economy due to the information disclosed through the policy action. We show that this signaling effect of monetary policy can give rise to the empirical puzzles reported in the literature, and propose a new high-frequency instrument for monetary policy shocks that accounts for informational rigidities. We find that a monetary tightening is unequivocally contractionary, with deterioration of domestic demand, labor and credit market conditions as well as of asset prices and agents’ expectations. (JEL D82, D84, E32, E43, E52, E58, G12)

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.