The Real Interest Rate Channel Is Structural in Contemporary New‐Keynesian Models: A Note
审视了具有当代特征的新凯恩斯模型中的货币政策传导机制，发现当模型包含符合经验事实的投资流动摩擦时，实际利率渠道是结构性的，即货币紧缩（扩张）总是伴随实际利率上升（下降）。
Abstract The monetary transmission mechanism in a New‐Keynesian model with contemporary features is put to scrutiny. In contrast to Rupert and Sustek (2019), we find that the real interest rate channel is structural when the model contains empirically realistic frictions on the flow of investment. A monetary contraction (expansion) is always followed by an increase (decrease) in the real interest rate. The monetary transmission mechanism indeed operates through the real interest rate channel in this class of models.