The Cost Channel Reconsidered: A Comment Using an Identification‐Robust Approach
使用识别稳健的矩条件推断方法重新检验货币政策成本渠道的实证相关性，发现该效应识别不足，无法证实先前文献的结果。
We reexamine the empirical relevance of the cost channel of monetary policy (e.g., Ravenna and Walsh 2006 ), employing recently developed moment‐conditions inference methods, including identification‐robust procedures. Using U.S. data, our results suggest that the cost channel effect is poorly identified and we are thus unable to corroborate the previous results in the literature.