are consistent across approaches and most likely medium. Alternative monetary policy shock measures from estimated Taylor …

activity and inflation as latent variables. We incorporate these latent variables into a factor-augmented vector autoregression … activity and inflation, consistent with previous studies. In contrast to much of the literature, however, we find that central …-bank-determined changes in Chinese interest rates also have substantial impacts on economic activity and inflation, while other measures of …

draw some implications for timing between monetary expansion and inflation, inter-country comparisons of inflation rates … lead inflation in the sense that money Granger-causes prices without feedback, contradicting an implication of the monetary … of inflation during the fixed exchange rate period, providing no evidence for a generalized "law of one price." (3) Some …

external instruments produce responses in output and inflation consistent with both textbook theory and conventional monetary …

consumption and asset price response to such a shock and show that country differences are associated with the level of the …

). We find that a conventional expansionary monetary policy shock reduces earnings inequality, in large part by lifting …

periods of falling output and rising price-wage ratios, consistent with a supply shock in our model. We also show that the …

functions because the latter require shock identification, which is inherently a difficult process …

presence of consumption heterogeneity and currency misalignment implies that CPI inflation targeting is no longer optimal in …