Local Linear Impulse Responses for a Small Open Economy*
使用局部线性投影方法研究新西兰这一小型开放经济的动态特性，比较了该方法与传统向量自回归的脉冲响应估计，并探讨了对货币政策的启示。
Abstract Traditional vector autoregressions derive impulse responses using iterative techniques that may compound specification errors. Local projection techniques are more robust to this problem, and Monte Carlo evidence has suggested they provide reliable estimates of the true impulse responses. We use local linear projections to investigate the dynamic properties of a model for a small open economy, New Zealand. We compare impulse responses from projections to those from standard techniques, and consider the implications for monetary policy. We pay careful attention to the dimensionality of the model, and focus on effects of policy on gross domestic product, interest rates, prices and exchange rates.