The Neutrality Properties of Competing Relative Price Models: Tests Using Linear Feedback
利用线性反馈度量方法，检验美国相对价格数据中货币冲击的中性特征，发现数据不支持任何结构性中性模型。
This article uses a variant of Geweke's (1982) linear feedback measure to test common characterizations of monetary neutrality implicit in classes of relative price models. The neutrality properties are defined in terms of relative price changes' response to monetary policy shocks in a system including average price changes, an interest rate, and industrial production growth. The magnitude and patterns of monetary feedback found in U.S. relative price data provide no support for any of the structurally neutral models.