金融冲击的通货膨胀动力学
Inflation Dynamics of Financial Shocks
摘要：
我们研究了金融冲击对美国经济的影响，使用贝叶斯结构向量自回归（SVAR）模型，利用数据中的非平稳性。我们使用这种方法来唯一地识别模型，并采用不平等的约束，挑出金融冲击。研究结果表明，存在两种不同的金融冲击，它们对通货膨胀具有相反的影响，这支持了金融冲击通过需求和供给两个渠道传递到实体经济的观点。
英文摘要：
We study the effects of financial shocks on the United States economy by using a Bayesian structural vector autoregressive (SVAR) model that exploits the non-normalities in the data. We use this method to uniquely identify the model and employ inequality constraints to single out financial shocks. The results point to the existence of two distinct financial shocks that have opposing effects on inflation, which supports the idea that financial shocks are transmitted to the real economy through both demand and supply side channels.
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