This study re‐evaluates the macroeconomic impact of monetary policy shocks in the United States using the proxy‐SVAR approach of Gertler and Karadi (American Economic Journal: Macroeconomics, 2015, 7, 44–76). Despite increased credit costs and the presence of the credit channel, our analysis reveals modest effects on economic activity post‐mid‐1980s. This robust finding holds across various inference methods and sample considerations. A counterfactual analysis within the framework of Bernanke, Gertler, and Gilchrist (1999, Handbook of Macroeconomics, Elsevier) suggests that a stronger response to inflation in monetary policy execution may explain the subdued impact of shocks, offering valuable insights for policy refinement and understanding the dynamics of economic activity.

中文翻译：

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重新审视货币政策冲击的宏观经济影响*

本研究使用 Gertler 和 Karadi 的代理 SVAR 方法重新评估了美国货币政策冲击的宏观经济影响（美国经济杂志：宏观经济学, 2015, 7, 44–76）。尽管信贷成本增加且信贷渠道存在，我们的分析显示 20 世纪 80 年代中期后对经济活动的影响不大。这一强有力的发现适用于各种推理方法和样本考虑。伯南克、格特勒和吉尔克里斯特框架内的反事实分析（1999，宏观经济学手册，爱思唯尔）表明，货币政策执行中对通胀的更强烈反应可能可以解释冲击的减弱影响，为政策完善和理解经济活动的动态提供宝贵的见解。