Boeckx, Jef; Dossche, Maarten; Galesi, Alessandro; … - 2019
the Great Financial Crisis (GFC) had expansionary macroeconomic effects. In a recent paper, Elbourne and Ji (2019 …) conclude that these studies fail to identify true unconventional monetary policy shocks in the euro area. In this note, we show … that their findings are actually fully consistent with a successful identification of unconventional monetary policy shocks …