| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9835 |
| 来源ID | Working Paper 9835 |
| Monetary Policy and Sectoral Shocks: Did the FED react properly to the High-Tech Crisis? | |
| Claudio Raddatz; Roberto Rigobon | |
| 发表日期 | 2003-07-14 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This paper presents an identification strategy that allows us to study both the sectoral effects of monetary policy and the role that monetary policy plays in the transmission of sectoral shocks. We apply our methodology to the case of the U.S. and find some significant differences in the sectorial responses to monetary policy. We also find that monetary policy is a significant source of sectoral transfers. In particular, a shock to Equipment and Software investment, which we naturally identify with the High-tech crises, induces a response by the monetary authority that generates a temporary boom in Residential Investment and Durable Consumption but has almost no effect on the high-tech sector. Finally, we perform an exercise evaluating what the model predicts regarding the automatic and a more aggressive monetary policy response to a shock similar to the one that hit the U.S. in early 2001. We find that the actual drop in interest rates we have observed is in line with the predictions of the model. |
| 主题 | Macroeconomics ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w9835 |
| 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/567459 |
| 推荐引用方式 GB/T 7714 | Claudio Raddatz,Roberto Rigobon. Monetary Policy and Sectoral Shocks: Did the FED react properly to the High-Tech Crisis?. 2003. |
| 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 | ||
| w9835.pdf（560KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
