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Identifying the Transmission Mechanism of U
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aggregate demand analysis bank loans bank-lending channel benchmark and constrained benchmark model business cycle capital markets channel in transmitting Christiano co-movements constrained impulse response counterfactual experiments covariance matrix credit channel credit view distance measure Eichenbaum and Evans estimated exchange rate channel Figure financial market graphs hence horizon identify monetary policy importance of channels impulse response functions industrial production index interest rate channel introduced by Canova macroeconomic Malaysia marginal importance mechanism of monetary monetary disturbances monetary policy innovations monetary policy shock monetary shock money and credit money channel money view Nicolo obtained orthogonal orthonormal matrix output and inflation Output and Prices output with respect real balances recent two decades relative importance responses of output role in transmitting sign restrictions small firms structural break structural shocks studies sub-sample term structure transmission channels transmission mechanism transmitting monetary policy U.S. dollar U.S. economy variance decomposition variance-covariance matrix vector volatility of output