The Cost Channel Reconsidered: A Comment Using an Identification‐Robust Approach
VJ Gabriel, LF Martins - Journal of Money, Credit and Banking, 2010 - Wiley Online Library
We reexamine the empirical relevance of the cost channel of monetary policy (eg, Ravenna
and Walsh 2006), employing recently developed moment‐conditions inference methods,
including identification‐robust procedures. Using US data, our results suggest that the cost
channel effect is poorly identified and we are thus unable to corroborate the previous results
in the literature.
and Walsh 2006), employing recently developed moment‐conditions inference methods,
including identification‐robust procedures. Using US data, our results suggest that the cost
channel effect is poorly identified and we are thus unable to corroborate the previous results
in the literature.
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