We propose a framework for the analysis of transmission channels in a large class of dynamic models. To this end, we formulate our approach both using graph theory and potential outcomes, which we show to be equivalent. Our method, labelled Transmission Channel Analysis (TCA), allows for the decomposition of total effects captured by impulse response functions into the effects flowing along transmission channels, thereby providing a quantitative assessment of the strength of various transmission channels. We establish that this requires no additional identification assumptions beyond the identification of the structural shock whose effects the researcher wants to decompose. Additionally, we prove that impulse response functions are sufficient statistics for the computation of transmission effects. We also demonstrate the empirical relevance of TCA for policy evaluation by decomposing the effects of various monetary policy shock measures into instantaneous implementation effects and effects that likely relate to forward guidance.

翻译：我们提出了一个用于分析一大类动态模型中传导渠道的框架。为此，我们分别运用图论和潜在结果框架来阐述我们的方法，并证明二者是等价的。我们的方法称为传导渠道分析，它允许将脉冲响应函数捕获的总效应分解为沿不同传导渠道流动的效应，从而对各种传导渠道的强度提供定量评估。我们证明，除了识别研究者希望分解其效应的结构性冲击外，该方法无需额外的识别假设。此外，我们证明了脉冲响应函数是计算传导效应的充分统计量。我们还通过将各种货币政策冲击测度的影响分解为即时实施效应和可能与前瞻性指引相关的效应，展示了传导渠道分析在政策评估方面的实证相关性。