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Nighttime lights data are a measure of economic activity whose measurement error is plausibly independent of the errors … Penn World Tables (PWT) and of the World Development Indicators (WDI) better estimate true income per capita. We find that … constant-price series in both PWT 8.0 and PWT 8.1, the two most recent vintages of the PWT. We additionally find that the World …
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We assess the transmission of monetary policy shocks on oil prices using a VAR model. We identify monetary policy and financial activity shocks disentangled from demand and oil supply shocks using sign restrictions. We obtain the following main findings. (i) Monetary policy and financial...
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