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

's effect on fundamentals. The estimation results from a bivariate VAR-GARCH model suggest that the Fed does not respond to the …

six-variable system supports time variation in US monetary policy shock identification. In the sample-dominating first … regime, systematic monetary policy follows a Taylor rule extended by the term spread and is effective in curbing inflation … stimulus, features the liquidity effect, and is complemented by a pure term spread shock. Absent the specific monetary policy …

latest inflation surge. …

inadequate policy tools and theory from the interwar period, set the stage for the Great Inflation of the 1970s. The lessons from … that experience have convinced monetary authorities to reemphasize the goal of low inflation, as it were, committing …

authorities tried to deliver a low and stable inflation from 1975 onwards, however, the severe adverse supply shocks in the 70s …