| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19355 |
| 来源ID | Working Paper 19355 |
| Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited | |
| Joshua D. Angrist; Òscar Jordà; Guido Kuersteiner | |
| 发表日期 | 2013-08-29 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We develop a flexible semiparametric time series estimator that is then used to assess the causal effect of monetary policy interventions on macroeconomic aggregates. Our estimator captures the average causal response to discrete policy interventions in a macro-dynamic setting, without the need for assumptions about the process generating macroeconomic outcomes. The proposed procedure, based on propensity score weighting, easily accommodates asymmetric and nonlinear responses. Application of this estimator to the effects of monetary restraint suggest contractionary policy slows real economic activity. By contrast, the Federal Reserve's ability to stimulate real economic activity through monetary expansion appears to be much more limited. Estimates for recent financial crisis years are similar to those for the earlier, pre-crisis period. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w19355 |
| 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/577039 |
| 推荐引用方式 GB/T 7714 | Joshua D. Angrist,Òscar Jordà,Guido Kuersteiner. Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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