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首页> 外文期刊>Journal of Economic Dynamics and Control >Does money matter for the identification of monetary policy shocks: A DSGE perspective
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Does money matter for the identification of monetary policy shocks: A DSGE perspective

机译：DSGE观点：货币对识别货币政策冲击是否重要？

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摘要

This paper investigates how the identification assumptions of monetary policy shocks modify the inference in a standard DSGE model. Considering SVAR models in which either the interest rate is predetermined for money or money and the interest rate are simultaneously determined, two DSGE models are estimated by minimum distance estimation. The estimation results reveal that real balance effects are necessary to replicate the high persistence implied by the simultaneity assumption. In addition, the estimated monetary policy rule is sensitive to the identification scheme. This suggests that the way money is introduced in the identification scheme is not neutral for the estimation of DSGE models.
机译：本文研究了货币政策冲击的识别假设如何修改标准DSGE模型中的推论。考虑到其中为货币预定了利率或者确定了货币的利率同时确定利率的SVAR模型，通过最小距离估计来估计两个DSGE模型。估计结果表明，真实的平衡效应对于复制同时假设所隐含的高持久性是必要的。另外，估计的货币政策规则对识别方案很敏感。这表明在识别方案中引入金钱的方式对于DSGE模型的估计不是中立的。

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