This paper attempts to identify the effects of monetary policy shock on output and price level in Thailand during 2005Q … employed to identify the monetary policy shock. To enhance the precision of the model specification, the short-run restrictions … simultaneously with each other. The results from the analysis of the structural model reveal that a shock to monetary policy drives …

tight monetary policy, which is captured with a positive shock to interest rate, decrease the exchange rate, output and … prices as the economic theory suggest. The effects of the loose monetary policy, which is captured with a negative shock to …. Moreover, as the magnitude of shock increases, the difference between the effects of tight and loose monetary policy policies …

that after a positive shock in interest rate (discount rate), M0 and M1 do not show any significant response, while M2 … sector both decline after a positive shock in monetary policy but credit to private sector declines more than credit to …

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 …

hand, the estimated effect on nominal variables is reminiscent of the price puzzle. Usual remedies, such as inclusion of … results casting doubt on the usual interpretation that the price puzzle is a statistical artifact. …

shock, or they exclude contemporaneous values of these variables from the monetary authority's information set. This paper … advantage that it makes the exercise less vulnerable to potential misidentification of the US monetary policy shock. The results …