Putting "M" Back in Monetary Policy
Putting "M" Back in Monetary Policy
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DOI：
10.17016/ifdp.2003.761r
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发表时间：
2004-06
期刊：
影响因子：
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通讯作者：
E. Leeper;Jennifer E. Roush
中科院分区：
文献类型：
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作者：
E. Leeper;Jennifer E. Roush
货币需求和货币存量几乎从货币政策分析中消失了。值得注意的是，在货币政策的实证研究中，包括商品价格比包括货币更常见。本文建立并探讨了一个经验事实，即货币是否进入一个模型，以及它如何进入事项的政策影响的推断。货币建模的方式显著改变了产出和通胀效应的大小，以及政策冲击后通胀表现出的惯性程度。我们对这些经验事实提供了一个简单而传统的经济学解释。
Money demand and the stock of money have all but disappeared from monetary policy analyses. Remarkably, it is more common for empirical work on monetary policy to include commodity prices than to include money. This paper establishes and explores the empirical fact that whether money enters a model and how it enters matters for inferences about policy impacts. The way money is modeled significantly changes the size of output and inflation effects, and the degree of inertia that inflation exhibits following a policy shock. We offer a simple and conventional economic interpretation of these empirical facts.