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Monetary Transmission: Testing the Post-Keynesian View After the Great Recession

Osama Sweidan ()

Applied Economics Quarterly (formerly: Konjunkturpolitik), 2017, vol. 63, issue 3, 233-257

Abstract: The paper presents an empirical investigation of the hypothesis that the Post-Keynesian (PK) view of structuralist endogeneity continues to explain the interest rate movements following the Great Recession of 2007-2009. We test the hypothesis by analyzing monthly data from the U.S. economy covering the period 2009:07 to 2016:05 using the unrestricted vector autoregressive (VAR) model and the Granger causality tests. The findings from our paper support the structuralist PK view, which indicates the importance of the interest rate channel of monetary transmission.

Keywords: Post Keynesians; Money supply endogeneity; Accommodative theory; Structural theory; VAR model; Granger causality (search for similar items in EconPapers)
Date: 2017
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Applied Economics Quarterly (formerly: Konjunkturpolitik) is currently edited by Ansgar Belke, Christian Dreger and Daniel Gros

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