| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9341 |
| 来源ID | Working Paper 9341 |
| The Own-Price of Money and a New Channel of Monetary Transmission | |
| Michael T. Belongia; Peter N. Ireland | |
| 发表日期 | 2002-11-18 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Traditionally, the effects of monetary policy actions on output are thought to be transmitted via monetary or credit channels. Real business cycle theory, by contrast, highlights the role of real price changes as a source of revisions in spending and production decisions. Motivated by the desire to focus on the effects of price changes in the monetary transmission mechanism, this paper incorporates a direct measure of the real own-price of money into an estimated vector autoregression and a calibrated real business cycle model. Consistent with this new view of the monetary transmission mechanism, both approaches reveal that movements in the own-price of money are strongly related to movements in output. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w9341 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566957 |
| 推荐引用方式 GB/T 7714 | Michael T. Belongia,Peter N. Ireland. The Own-Price of Money and a New Channel of Monetary Transmission. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9341.pdf（264KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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