信贷增量的迪维亚总量与货币商业周期

IF 0.7 4区经济学 Q3 ECONOMICS

Macroeconomic Dynamics Pub Date : 2024-03-05 DOI:10.1017/s1365100523000627

Apostolos Serletis, Libo Xu

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引用次数: 0

摘要

我们效仿 Belongia 和 Ireland（2021 年），研究了金融稳定中心的信用卡增强 Divisia 货币总量在货币政策和商业周期分析中可能发挥的作用。我们使用贝叶斯方法在反映凯恩斯货币传导渠道的先验条件下估计结构性 VAR，但得出的结构参数后验分布与经典渠道一致。我们还发现，在突出货币供应在总需求中的作用方面，信贷增强的 Divisia 货币总量包含了有价值的信息，其表现甚至优于传统的 Divisia 总量。

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The credit-augmented Divisia aggregates and the monetary business cycle

We follow Belongia and Ireland (2021) and investigate the role that the Center for Financial Stability credit card-augmented Divisia monetary aggregates could play in monetary policy and business cycle analysis. We use Bayesian methods to estimate a structural VAR under priors that reflect Keynesian channels of monetary transmission, but produce posterior distributions for the structural parameters consistent with classical channels. We also find that valuable information is contained in the credit-augmented Divisia monetary aggregates and that they perform even better than the conventional Divisia aggregates, in terms of highlighting the role of the money supply in aggregate demand.

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来源期刊

Macroeconomic Dynamics ECONOMICS-

CiteScore

2.10

自引率

11.10%

发文量

期刊介绍： Macroeconomic Dynamics publishes theoretical, empirical or quantitative research of the highest standard. Papers are welcomed from all areas of macroeconomics and from all parts of the world. Major advances in macroeconomics without immediate policy applications will also be accepted, if they show potential for application in the future. Occasional book reviews, announcements, conference proceedings, special issues, interviews, dialogues, and surveys are also published.