Analysis of the Monetary Transmission Mechanism: Methodological Issues

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. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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