论文标题
财务冲击的通货膨胀动态
Inflation Dynamics of Financial Shocks
论文作者
论文摘要
我们通过使用贝叶斯结构矢量自回归（SVAR）模型来研究财务冲击对美国经济的影响，从而利用数据中的非差异。我们使用这种方法唯一地识别模型并采用不平等限制来挑选财务冲击。结果表明，存在两种截然不同的财务冲击，这些冲击对通货膨胀产生了相反的影响，这支持了这样的观念，即通过需求和供应方渠道将财务冲击传递给真实经济。
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.
