interacts with heterogeneity in sectoral size and input-output linkages, and derive conditions under which these heterogeneities … behind large real effects, whereas heterogeneity in input-output linkages contributes only marginally, with differences in … contributors to the transmission of monetary shocks, and is necessary but not sufficient to generate realistic output correlations …

this link using a factor-augmented vector autoregressive model (FAVAR) which extends a standard VAR for the U …

residuals of the policy rule equation at these shock dates accordingly. In spite of its utmost agnostic nature, this approach … market rate, the narrow money stock, commodity prices, consumer prices and the Euro-Dollar exchange rate, and that real … output responds gradually. Our close to assumption-free approach obtains as an outcome what traditional sign restrictions on …

output gaps in the low-supply phase lessen the negative output gaps expected to emerge once supply recovers. However, the …

such as unemployment. Previous studies indicate that monetary policy affects the output gap only at business cycle … preferred model, almost 30 percent of the maximum effect of a shock still remains after ten years …

prices and the risk-taking incentives of banks. We use a factor-augmented vector autoregressive model (FAVAR) for the U … monetary policy loosening or an unexpected increase in property prices. This masks, however, important differences across …

due to a fiscal policy shock, as compared to when the rise in output is due to a positive technology shock. The cross ….75 when the rise in output follows from a favorable output shock … the interactions between public debt and real output growth in a multicountry setting, and the results are compared to …

business cycle coherence did not increase monotonically. The COVID-19 pandemic made that the signs of the output gaps of euro … area countries became more similar, but we find large differences in the amplitude of the output gaps across countries …