| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11374 |
| DP11374 Gaussian Mixture Approximations of Impulse Responses and The Non-Linear Effects of Monetary Shocks | |
| Régis Barnichon; Christian Matthes | |
| 发表日期 | 2016-07-04 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper proposes a new method to estimate the (possibly non-linear) dynamic effects of structural shocks by using Gaussian basis functions to parametrize impulse response functions. We apply our approach to the study of monetary policy and obtain two main results. First, regardless of whether we identify monetary shocks from (i) a timing restriction, (ii) sign restrictions, or (iii) a narrative approach, the effects of monetary policy are highly asymmetric: A contractionary shock has a strong adverse effect on unemployment, but an expansionary shock has little effect. Second, an expansionary shock may have some expansionary effect, but only when the labor market has some slack. In a tight labor market, an expansionary shock generates a burst of inflation and no significant change in unemployment. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp11374 |
| 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/540188 |
| 推荐引用方式 GB/T 7714 | Régis Barnichon,Christian Matthes. DP11374 Gaussian Mixture Approximations of Impulse Responses and The Non-Linear Effects of Monetary Shocks. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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