Policy evaluation with sufficient macro statistics: a primer
讨论并拓展了利用脉冲响应和预测等充分统计量进行政策评估的方法,并以欧洲央行1999-2023年的表现作为案例说明。
Summary Impulse responses and forecasts are central concepts for policymakers. They are also sufficient statistics to solve many important macroeconomic problems, from policy counterfactuals to policy evaluation, and offer a promising alternative to the standard structural modelling approach. In this work, we discuss and extend recent progress on the use of these sufficient macro statistics for policy evaluation. We illustrate the methods by evaluating the performance of the European Central Bank over 1999–2023.