The Cost Channel Reconsidered: A Comment Using an Identification-Robust Approach

We re-examine the empirical relevance of the cost channel of monetary policy (e.g. Ravenna and Walsh, 2006), employing recently developed moment-conditions inference methods, including identiÂ…cation-robust procedures. Using US data, our results suggest that the cost channel effect is poorly identiÂ…ed and we are thus unable to corroborate the previous results in the literature

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Year of publication:	2010-09
Authors:	Gabriel, Vasco ; Martins, Luis
Institutions:	School of Economics, University of Surrey
Subject:	Cost channel \| Phillips curve \| GMM \| Generalized Empirical Likelihood \| Weak IdentiÂ…cation

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Extent:	application/pdf
Series:	School of Economics Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 1010 13 pages
Classification:	C22 - Time-Series Models ; E31 - Price Level; Inflation; Deflation ; E32 - Business Fluctuations; Cycles
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008805593