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Publication Detailed Description
Journal Title
Journal of Money, Credit and Banking
Year (definitive publication)
2010
Language
English
Country
United States of America
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Abstract
We reexamine the empirical relevance of the cost channel of monetary policy (e.g., Ravenna and Walsh 2006), employing recently developed moment-conditions inference methods, including identification-robust procedures. Using U.S. data, our results suggest that the cost channel effect is poorly identified and we are thus unable to corroborate the previous results in the literature.
Acknowledgements
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Keywords
Cost channel; Generalized empirical likelihood; GMM; Phillips curve; Weak identification
Fields of Science and Technology Classification
- Economics and Business - Social Sciences
