Smith, Ron (contributor); Gylfi Zoega (contributor) - 2008
global factor and the lagged change in unemployment. To allow for national shocks and
perhaps monetary policy, we add lagged … because of global cost shocks or common monetary policy
responses to shocks. There is a lot of evidence for global influences … Effects of Monetary Policy: A
Factor Augmented Vector Autoregressive Approach”, Quarterly Journal of Economics,
387 …