G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1157
DP1157 The Gender Gap, Fertility and Growth
David Weil; Oded Galor
发表日期1995-08-31
出版年1995
语种英语
摘要In this paper we compare the effects of monetary policy on output and prices in the G-7 countries using a parsimonious macroeconometric model comprising output, prices and a short-term interest rate. We identify monetary policy shocks by assuming that they do not affect real output instantaneously (within the quarter) or in the long run, and implement these restrictions using a sequential instrumental variables technique. We show that the so-called price-puzzle, which has been noticed in the large VAR-literature in which only short-run restrictions are used, disappears. This suggests that the puzzle is due to the fact that the use of only short-run identifying restrictions does not properly discriminate between contractionary aggregate supply shocks and monetary policy shocks. We conclude that the effects of a standardized monetary policy action are very similar across countries.
主题International Macroeconomics
关键词monetary policy Structural vector autoregressions
URLhttps://cepr.org/publications/dp1157
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/530355
推荐引用方式
GB/T 7714
David Weil,Oded Galor. DP1157 The Gender Gap, Fertility and Growth. 1995.
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