Is There Really a Cost Channel? Evidence from US data
نویسندگان
چکیده
In this paper, we re-examine the empirical relevance of the cost channel of monetary policy. We employ recently developed moment-conditions inference procedures, which provide a more e¢ cient and reliable econometric framework than in previous literature. Using US data, our results suggest that there is no substantial evidence for the existence of a cost channel. Keywords: Cost channel; Phillips curve; GMM; Generalized Empirical Likelihood. JEL Classi cation: C22; E31; E32
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