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IF 7.5 1区经济学 Q1 ECONOMICS Nber Macroeconomics Annual Pub Date : 2023-01-01 DOI:10.1086/723576

M. Watson

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引用次数: 0

摘要

Bauer和Swanson的论文对衡量货币政策冲击对宏观经济的动态影响做出了重要贡献。它展示了使用明显外生的高频货币政策意外作为货币政策冲击的工具会出现什么问题，并展示了如何通过引入适当的控制变量来纠正错误的估计和推断。这也是第一篇使用Swanson和Jayawickrema（2022）提出的一系列扩大的货币政策惊喜的论文，这是另一个重要贡献。作者工作的高潮是论文图8所示的每月冲动反应。这些是美联储货币政策冲击对美国宏观经济影响的新基准脉冲响应函数。

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Comment

Bauer and Swanson ’ s paper is an important contribution to the litera-ture measuring the dynamic effects of monetary policy shocks on the macroeconomy. It shows what can go wrong using apparently exoge-nous high-frequency monetary policy surprises as instruments for monetary policy shocks, and it shows how to correct the faulty estimates and inference by incorporating appropriate control variables. It is also the ﬁ rst paper to use the expanded set of monetary policy surprises com-piled by Swanson and Jayawickrema (2022), another important contribution. The culmination of the authors ’ work is the monthly impulse responses shown in ﬁ gure 8 of the paper. These are the new benchmark impulse response functions for the effect of Federal Reserve monetary policy shocks on the US macroeconomy.

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来源期刊

Nber Macroeconomics Annual ECONOMICS-

CiteScore

5.10

自引率

0.00%

发文量

期刊介绍： The Nber Macroeconomics Annual provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields.

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