Are the Effects of Monetary Policy Shocks Big or Small?
研究了标准VAR与Romer和Romer方法估计的货币政策冲击效应差异，发现差异源于三个因素，调整后冲击的实际影响为中等，且历史贡献显著。
This paper studies the small estimated effects of monetary policy shocks from standard VARs versus the large effects from the Romer and Romer (2004) approach. The differences are driven by three factors: the different contractionary impetus, the period of reserves targeting, and lag length selection. Accounting for these factors, the real effects of policy shocks are consistent across approaches and most likely medium. Alternative monetary policy shock measures from estimated Taylor rules also yield medium-sized real effects and indicate that the historical contribution of monetary policy shocks to real fluctuations has been significant, particularly during the 1970s and early 1980s.