In recent years local projections have become a more and more popular methodology for the estimation of impulse …

In this paper, we compare the transmission of a conventional monetary policy shock with that of an unexpected decrease … volatility, our results are two-fold: First, the spread shock works mainly through a boost to consumer wealth growth, while a … conventional monetary policy shock affects real output growth via a broad credit/bank lending channel. Second, both shocks exhibit …

identified shock has contributed to the business cycle fluctuations. - Business cycle accounting ; dynamic stochastic general …

.S. output shock as it does to a corresponding euro area shock. The pivotal role of the U.S.A. in shaping the global business …

The topic of this paper is the estimation uncertainty of the Stock-Watsonand Gonzalo-Granger permanent …

country are identified, and the corresponding shock propagation channels are computed. We establish the statistical properties … of the cyclical fluctuations and investigate the role of each structural common and country-specific shock in the …