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High-frequency changes in interest rates around FOMC announcements are an important tool for identifying the effects of monetary policy on asset prices and the macroeconomy. However, some recent studies have questioned both the exogeneity and the relevance of these monetary policy surprises as...
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I separately identify and estimate the effects of the Federal Reserve's federal funds rate, forward guidance, and large-scale asset purchase (LSAP) policies on the U.S. economy. I extend the high-frequency identification strategy of Bauer and Swanson (2023b) for monetary policy VARs by allowing...
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increase in labor supply: workers reduce the rate at which they quit jobs to non-employment, while non-employed individuals … increase their job-seeking behavior. Holding supply-driven labor market flows constant, the overall decline in employment from …
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