shocks and study their effects on financial variables and macro variables. The first shock resembles a conventional monetary … policy shock, and the second resembles an unconventional monetary shock. The third shock leads to an increase in interest … and uncertainty decrease, and the U.S. dollar depreciates. Therefore, this third shock combines all the characteristics of …

We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock … component and a central bank information shock component. We identify both components using changes in interest rate futures and … that a contractionary interest rate shock appreciates the dollar, increases the excess bond premium, and leads to a decline …

macro variables rather differently; a positive lending capacity shock in a banking system mostly owned by non …

model. We find that a union aggregate systemic risk shock results in a sharp decline in output, with two thirds of the …

trade balance. The contractionary euro area monetary policy shock decreases Russian GDP, leads to real appreciation of the …