Do Measures of Monetary Policy in a Var Make Sense? A Reply to Christopher A. Sims
回应了关于VAR模型中货币政策度量有效性的争论，指出尽管识别方法有争议，但不同研究对货币政策冲击的宏观效应估计相似，且冲击有显著持久影响。
Using the estimated VAR system, one can trace out ... how monetary policy innovations affect the economy. As John Cochrane (1996, p. 1) notes, this literature has at last produced impulse-response functions that capture common views about monetary policy; for example, in finding that a positive innovation to monetary policy is followed by increases in output, prices, and money, and by a decline in the short-term nominal interest rate. In addition, despite ongoing debates about precisely how the policy innovation should be identified, the estimated responses of key macroeconomic variables to a policy shock are reasonably similar across a variety of studies and suggest that monetary policy shocks can have significant and persistent real effects.