Identification of monetary policy in SVAR models: a data-oriented perspective
نویسندگان
چکیده
منابع مشابه
Identification of Monetary Policy Shocks with External Instrument SVAR
We explore the use of external instrument SVAR to identify monetary policy shocks. We identify a forward guidance shock as the monetary shock component having zero instant impact on the policy rate. A contractionary forward guidance shock raises both future output and price level, stressing the relative importance of revealing policymakers’ view on future output and price level over committing ...
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ژورنال
عنوان ژورنال: Empirical Economics
سال: 2012
ISSN: 0377-7332,1435-8921
DOI: 10.1007/s00181-012-0632-y