| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7086 |
| DP7086 One Size Fits All? The Effects of Teacher Cognitive and Non-Cognitive Abilities on Student Achievement | |
| Jonas Vlachos; Erik Grönqvist | |
| 发表日期 | 2008-12-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We use the structural factor model proposed by Forni, Giannone, Lippi and Reichlin (2007) to study the effects of monetary policy. The advantage with respect to the traditional vector autoregression model is that we can exploit information from a large data set, made up of 112 US monthly macroeconomic series. Monetary policy shocks are identified using a standard recursive scheme, in which the impact effects on both industrial production and prices are zero. Such a scheme, when applied to a VAR including a suitable selection of our variables, produces puzzling results. Our main findings are the following. (i) The maximal effect on bilateral real exchange rates is observed on impact, so that the ?delayed overshooting? or ?forward discount? puzzle disappears. (ii) After a contractionary shock prices fall at all horizons, so that the price puzzle is not there. (iii) Monetary policy has a sizable effect on both real and nominal variables. Such results suggest that the structural factor model is a promising tool for applied macroeconomics. |
| 主题 | International Macroeconomics |
| 关键词 | Delayed overshooting puzzle monetary policy Price puzzle Structural factor model |
| URL | https://cepr.org/publications/dp7086 |
| 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/535923 |
| 推荐引用方式 GB/T 7714 | Jonas Vlachos,Erik Grönqvist. DP7086 One Size Fits All? The Effects of Teacher Cognitive and Non-Cognitive Abilities on Student Achievement. 2008. |
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