Bacchiocchi, Emanuele; Castelnuovo, Efrem; Fanelli, Luca - Dipartimento di Scienze Economiche "Marco Fanno", … - 2014
We employ a novel identification scheme to quantify the macroeconomic effects of monetary policy shocks in the United States. The identification of the shocks is achieved by exploiting the instabilities in the contemporaneous coefficients of the structural VAR (SVAR) and in the covariance matrix...