Comment on ''The long and variable lags of monetary policy: Evidence from disaggregated price indices'' by S. Boragan Aruoba and Thomas Drechsel

• 成果类型: Editorial Material
• 署名作者: Wright, Jonathan H.
• 署名单位: Johns Hopkins University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2024.103653
• 发表日期: 2024
• 关键词: Monetary policy; inflation; impulse responses; Federal Reserve

摘要

The vast majority of the literature on the effects of monetary policy shocks has considered their impacts on aggregate variables, including aggregate prices. The paper by Boragan Aruoba and Thomas Drechsel studies the impacts of monetary policy on the components of PCE. It documents considerable variability in the impulse response functions across components and finds that monetary policy shocks have large but very delayed effects on price aggregates. The finding of cross-sectional variability and its implications are very convincing, The large but delayed effects on aggregates may be more dependent on methodology and shock identification.