policy shock is ambiguous in both the short- and long-run, and depends on the nature of the mispricing. Subsequently, we … contractionary monetary policy shock in fact lowers stock prices beyond what is implied by the response of their underlying …

shocks, where the persistence of this shock is important, as well as by an external shock. This external shock is strongly … the post-crisis period, the impact of both the external shock and the inflation targeting shock on exchange rates and …