The cost channel reconsidered: a comment using an identification-robust approach
We reexamine the empirical relevance of the cost channel of monetary policy (e.g., <link rid="b21">Ravenna and Walsh 2006), employing recently developed moment-conditions inference methods, including identification-robust procedures. Using U.S. data, our results suggest that the cost...
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| Format: | article |
| Language: | eng |
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2015
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| Online Access: | https://ciencia.iscte-iul.pt/public/pub/id/6203 |
| Country: | Portugal |
| Oai: | oai:repositorio.iscte-iul.pt:10071/10087 |
| Summary: | We reexamine the empirical relevance of the cost channel of monetary policy (e.g., <link rid="b21">Ravenna and Walsh 2006), employing recently developed moment-conditions inference methods, including identification-robust procedures. Using U.S. data, our results suggest that the cost channel effect is poorly identified and we are thus unable to corroborate the previous results in the literature. |
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