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Autoren: 
Rusnák, Marek
Havránek, Tomáš
Horváth, Roman
Datum: 
2011
Schriftenreihe/Nr.: 
IES Working Paper No. 24/2011
Zusammenfassung: 
The short-run increase in prices following an unexpected tightening of monetary policy represents a frequently reported puzzle. Yet the puzzle is easy to explain away when all published models are quantitatively reviewed. We collect and examine about 1,000 point estimates of impulse responses from 70 articles using vector autoregressive models to study monetary transmission in various countries. We find some evidence of publication selection against the price puzzle in the literature, but our results also suggest that the reported puzzle is mostly caused by model misspecifications. Finally, the long-run response of prices to monetary policy shocks depends on the characteristics of the economy.
Schlagwörter: 
Monetary policy transmission
Price puzzle
Meta-analysis
Publication selection bias
JEL: 
C83
E52
Dokumentart: 
Working Paper

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