Analysis of the Monetary Transmission Mechanism: Methodological Issues

Bennett McCallum

Chapter 1 in The Monetary Transmission Process, 2001, pp 11-59 from Palgrave Macmillan

Abstract: 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.

Keywords: Interest Rate; Monetary Policy; Impulse Response Function; Policy Rule; NBER Working Paper (search for similar items in EconPapers)
Date: 2001
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Working Paper: Analysis of the Monetary Transmission Mechanism: Methodological Issues (1999)
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DOI: 10.1057/9780230595996_2

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