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Analysis of the Monetary Transmission Mechanism: Methodological Issues

In: The Monetary Transmission Process

Author

Listed:
  • Bennett T. McCallum

Abstract

The purpose of this chapter is to consider several methodological issues relevant for study of the monetary transmission process. These issues involve relative emphasis on monetary shocks as opposed to systematic policy adjustments; vector autoregression versus structural modelling research strategies; impulse response versus vector autocorrelation functions as diagnostic tools; and an evaluation of the so-called ‘narrative approach’. But while these methodological issues are stressed, the chapter’s approach is significantly substantive, in the sense that the issues will be considered in the context of a non-trivial quantitative analysis that is intended to be of interest on its own.

Suggested Citation

  • Bennett T. McCallum, 2001. "Analysis of the Monetary Transmission Mechanism: Methodological Issues," Palgrave Macmillan Books, in: Deutsche Bundesbank (ed.), The Monetary Transmission Process, chapter 1, pages 11-59, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59599-6_2
    DOI: 10.1057/9780230595996_2
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    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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