| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13396 |
| DP13396 The Transmission of Monetary Policy Shocks | |
| Silvia Miranda-Agrippino; Giovanni Ricco | |
| 发表日期 | 2018-12-16 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Commonly used instruments for the identification of monetary policy disturbances are likely to combine the true policy shock with information about the state of the economy due to the information disclosed through the policy action. We show that this signalling effect of monetary policy can give rise to the empirical puzzles reported in the literature, and propose a new high-frequency instrument for monetary policy shocks that accounts for informational rigidities. We find that a monetary tightening is unequivocally contractionary, with deterioration of domestic demand, labour and credit market conditions, as well as of asset prices and agents' expectations. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | monetary policy Local projections Vars Expectations Information rigidity Survey forecasts External instruments |
| URL | https://cepr.org/publications/dp13396 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542206 |
| 推荐引用方式 GB/T 7714 | Silvia Miranda-Agrippino,Giovanni Ricco. DP13396 The Transmission of Monetary Policy Shocks. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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