This article provides an estimation method to decompose monetary policy innovations into persistent and transitory … evolution of monetary shocks. This alternative formulation allows us to perform the maximum likelihood estimation for all the …

This paper investigates the nonlinearity in the effects of news shocks about technological innovations. In a maximally … flexible logistic smooth transition vector autoregressive model, state-dependent effects of news shocks are identified based on …

endogeneity, nonlinearity and asymmetry. The econometric model is a smooth transition autoregressive vector estimated by Bayesian … short and long-term impact of an exchange rate shock on inflation along the distribution chain in the presence of … shock to a maximum of around 66% in the first year. The equivalent figures on the inflation of producer goods go from 13% to …

negative. Then, we estimate local projections for a super- visory shock hitting banks' credit standards and propose a new …