productivity, investment-specific productivity, government spending and money demand shocks, are unable to push nominal bond rates …

indexed to the nominal price and, as a result, their investment is more sensitive to nominal price shocks. We also find that … economies with higher price-level uncertainty are less vulnerable to a price shock of a given magnitude, that is, aggregate … investment and output respond to a lesser degree. -- Economic models ; Monetary policy framework ; Financial markets …

shock and the supply side effects of monetary policy. Second, the existence of real money balance effects causes higher …

1970Q1 to 2009Q2 containing 108 U.S. macroeconomic and financial time series, I find that a monetary policy shock during …, consumption, and investment than it has during “normal” times. Differences in effects among the regimes seem to originate from non …

economy. A positive credit shock, defined as a rise in the loan-to-deposit ratio, increases output, consumption, hours and … productivity, and reduces the spread between loan and deposit rates. The effects of the credit shock tend to be highly persistent …