Gertler, Mark; Karadi, Peter - C.E.P.R. Discussion Papers - 2014
We provide evidence on the nature of the monetary policy transmission mechanism. To identify policy shocks in a setting … frequency identification (HFI) of monetary policy shocks. We first show that the shocks identified using HFI surprises as … analysis. We also find, however, that monetary policy responses typically produce “modest” movements in short rates that lead …