System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht … Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …

policy shock) and interest rate movements driven by exogenous information about the economy from the central bank (the … information shock). In order to disentangle the effects of these two shocks, we use interest rate changes on days of macroeconomic … information shocks and thereby distill pure policy shocks from interest rate surprises around FOMC announcements. Our results show …

component and a central bank information shock component. We identify both components using changes in interest rate futures and … in prices and output, while a positive information shock appreciates the dollar, decreases prices and the excess bond …