| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1157 |
| 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 |
| URL | https://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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