. We find that a contractionary oil price shock has a negative effect on the current account which lasts for approximately …

persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation … cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions … employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to …

complementary positive central bank information shock raises both. These two shocks have intuitive and very different effects on the … point formally and offer an interpretation of the central bank information shock using a New Keynesian macroeconomic model …

-specific models include a Phillips curve determining inflation, an IS curve determining output, a Taylor Rule determining interest … through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …

linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

overwhelmingly large. This finding is also confirmed under different identification strategies for the monetary policy shock …