Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We reexamine the empirical relevance of the cost channel of monetary policy (e.g., Ravenna and Walsh 2006), employing recently developed moment‐conditions inference methods, including identification‐robust procedures. Using U.S. data, our results suggest that the cost channel effect is poorly identified and we are thus unable to corroborate the previous results in the literature.