The Cost Channel Reconsidered: A Comment Using an Identification‐Robust Approach
We re-examine the empirical relevance of the cost channel of monetary policy (e.g. 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.
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Volume (Year): 42 (2010)
Issue (Month): 8 (December)
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