Bluedorn, John C.; Bowdler, Christopher - In: Journal of International Money and Finance 30 (2011) 2, pp. 309-336
We consider the open economy consequences of U.S. monetary policy, extending the identification approach of Romer and Romer (2004) and adapting it for use with asset prices. Intended policy changes are orthogonalized against the economy's expected future path, which captures any effects from...