Testing the Structural Interpretation of the Price Puzzle with a Cost‐Channel Model*
估计多种包含成本渠道的新凯恩斯DSGE模型，检验它们能否复制货币政策冲击导致通胀上升的“价格谜团”，发现模型预测紧缩政策会降低通胀。
Abstract We estimate a variety of small‐scale new‐Keynesian DSGE models with the cost channel to assess their ability to replicate the ‘price puzzle’, i.e. the inflationary impact of a monetary policy shock typically arising in vector autoregression (VAR) analysis. To correctly identify the monetary policy shock, we distinguish between a standard policy rate shifter and a shock to ‘trend inflation’, i.e. the time‐varying inflation target set by the Fed. Our estimated models predict a negative inflation reaction to a monetary policy tightening. We offer a discussion of the possible sources of mismatch between the VAR evidence and our own.