I quantify the importance of financial structure, labor market rigidities and industry mix for cross-country asymmetries in monetary transmission. To do so, I determine how closely the impulse responses to a monetary policy shock obtained from country-specific vectorautoregressive (VAR) models...

Ziel der vorliegenden Arbeit ist es zu prüfen, inwieweit unterschiedliche Varianten berechenbarer dynamischer Gleichgewichtsmodelle die empirische Evidenz zum monetären Transmissionsmechanismus nachbilden. Die zentrale Frage dieser Arbeit, inwieweit nominale Rigiditäten zu Trägheiten des...

We assess the effects of financial shocks on inflation, and to what extent financial shocks can account for the "missing disinflation" during the Great Recession. We apply a vector autoregressive model to US data and identify financial shocks through sign restrictions. Our main finding is that...

This paper investigates within a SVAR framework the effects of anticipated monetary policy in the euro area. Building on a procedure recently proposed by Cochrane yielding the response of output to an anticipated monetary policy impulse, we show that in the past twenty years anticipated monetary...