The cost channel reconsidered: a comment using an identification-robust approach
نویسندگان
چکیده
We re-examine the empirical relevance of the cost channel of monetary policy (e.g. Ravenna andWalsh, 2006), employing recently developed moment-conditions inference methods, including identi cation-robust procedures. Using US data, our results suggest that the cost channel e¤ect is poorly identi ed and we are thus unable to corroborate the previous results in the literature. Keywords: Cost channel; Phillips curve; GMM; Generalized Empirical Likelihood; Weak Identi cation. JEL Classi cation: C22; E31; E32
منابع مشابه
Optimal Design of Open Channel Sections Using PSO Algorithm
This paper applies an evolutionary algorithm, the particle swarm optimization (PSO), to design the optimum open channel section. Depth, channel side slope and bottom width are considered as the variables for rectangular, triangular and trapezoidal channels, respectively. The objective function is minimizing the construction cost of the channel section. MATLAB software is used for programming an...
متن کاملRobust Identification of Smart Foam Using Set Mem-bership Estimation in A Model Error Modeling Frame-work
The aim of this paper is robust identification of smart foam, as an electroacoustic transducer, considering unmodeled dynamics due to nonlinearities in behaviour at low frequencies and measurement noise at high frequencies as existent uncertainties. Set membership estimation combined with model error modelling technique is used where the approach is based on worst case scenario with unknown but...
متن کاملA Robust Scenario Based Approach in an Uncertain Condition Applied to Location-Allocation Distribution Centers Problem
The paper discusses the location-allocation model for logistic networks and distribution centers through considering uncertain parameters. In real-world cases, demands and transshipment costs change over the period of the time. This may lead to large cost deviation in total cost. Scenario based robust optimization approaches are proposed where occurrence probability of each scenario is not know...
متن کاملIntegration Scheme for SINS/GPS System Based on Vertical Channel Decomposition and In-Motion Alignment
Accurate alignment and vertical channel instability play an important role in the strap-down inertial navigation system (SINS), especially in the case that precise navigation has to be achieved over long periods of time. Due to poor initialization as well as the cumulative errors of low-cost inertial measurement units (IMUs), initial alignment is not sufficient to achieve required navigation ac...
متن کاملAn Adaptive-Robust Control Approach for Trajectory Tracking of two 5 DOF Cooperating Robot Manipulators Moving a Rigid Payload
In this paper, a dual system consisting of two 5 DOF (RRRRR) robot manipulators is considered as a cooperative robotic system used to manipulate a rigid payload on a desired trajectory between two desired initial and end positions/orientations. The forward and inverse kinematic problems are first solved for the dual arm system. Then, dynamics of the system and the relations between forces/momen...
متن کامل