of imposing a minimal set of theoretical restrictions on the model to be tested. A monetary policy shock is identified … the market for banks reserves (i.e., the market in which monetary policy is actually conducted) works in Italy. In our … estimated models, indeed, identification hinges on a detailed description of the operating procedures used by the Bank of Italy …

of imposing a minimal set of theoretical restrictions on the model to be tested. A monetary policy shock is identified … the market for banks reserves (i.e., the market in which monetary policy is actually conducted) works in Italy. In our … estimated models, indeed, identification hinges on a detailed description of the operating procedures used by the Bank of Italy …

contemporaneously to output and inflationary pressures. Inflation is mostly driven by interest rate shock over the medium to long term …, pointing to an impact of monetary policy. In the short term, however, exchange rate shock has relatively larger influence on …

structural VAR approach we find that after a monetary policy shock output declines temporarily, with the downward effect reaching … permanently in response to a positive shock to the global liquidity aggregate. The similarity of our results with those found in …

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 …

We employ a non-recursive identification scheme to identify the effects of a monetary policy shock in a Structural … Vector Autoregressive (SVARs) model for the U.S. post-WWII quarterly data. The identification of the shock is achieved via …