重新评估货币政策的作用:通过结构向量自回归方法看货币数量理论

Q4 Business, Management and Accounting Journal of Risk and Financial Management Pub Date : 2024-08-13 DOI:10.3390/jrfm17080355
Antonio Focacci, Angelo Focacci
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引用次数: 0

摘要

COVID-19 大流行病、俄罗斯-乌克兰冲突和以色列-哈马斯冲突以及由此引发的全球经济震荡将在数年内影响世界经济。本文利用货币数量理论(QTM)分析和讨论货币金融(MF),以了解经济动态。为实现这一目标,我们在发达经济体的数据集上使用了带有符号限制的结构向量自回归(SVAR)识别方案。研究结果表明,货币增长在短期通胀动态中发挥了作用,而在中长期的影响则不太明显。本文旨在为目前围绕通过重新引入货币金融(MF)来应对经济衰退的潜在战略所展开的辩论做出贡献。
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A Re-Appraisal of the Role of Monetary Policy: The Quantity Theory of Money through a Structural Vector Autoregressive Approach
The COVID-19 pandemic, the Russia–Ukraine and the Israel–Hamas conflicts, and the resulting global economic shocks will affect the world economy for several years. This paper analyzes and discusses monetary finance (MF) using the Quantity Theory of Money (QTM) to understand economic dynamics. To achieve this goal, we utilize a Structural Vector Autoregressive (SVAR) identification scheme with sign restrictions on datasets from advanced economies. The findings indicate that monetary growth plays a role in short-term inflationary dynamics, while its effects are less significant in the medium to long term. The aim of the paper is to contribute to ongoing debate surrounding the potential strategies for addressing the economic downturn through the reintroduction of monetary finance (MF).
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来源期刊
CiteScore
4.50
自引率
0.00%
发文量
512
审稿时长
11 weeks
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