Monetary shocks in the G-6 countries: Is there a puzzle?

被引：14

作者：

Fung, BSC ^{[1
]}

Kasumovich, M ^{[1
]}

机构：

[1] Bank Canada, Ottawa, ON K1A 0G9, Canada

来源：

JOURNAL OF MONETARY ECONOMICS | 1998年 / 42卷 / 03期

关键词：

monetary policy shocks; money demand; VAR; G-6; countries;

D O I：

10.1016/S0304-3932(98)00035-X

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper, a simple identification technique is used to study the effects of monetary shocks in VAR models for the G-6 countries. Monetary shocks are identified by long-run cointegration restrictions and the assumption of long-run money neutrality. The short-run dynamics corresponding to a monetary shock are consistent with the predictions of monetary theory and can be interpreted as a monetary policy shock. The results suggest that the stock of money has an active role in the transmission mechanism. (C) 1998 Elsevier Science B.V. All rights reserved.

引用

页码：575 / 592

页数：18

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