on potential differences in the transmission of the monetary policy shock depending on the level of interest rates in the … country from where the shock originates, i.e., the euro area. A euro area monetary policy shock when euro area interest rates … are positive at the time the shock occurs tends to trigger positive spillovers to industrial production, house and stock …

Federal Reserve's information set as in Romer and Romer (2004), I propose a new method of constructing a monetary policy shock … that occurs on Federal Reserve announcement days. I provide substantial evidence that the new monetary policy shock is … consistent with the predictions of workhorse macroeconomic models for structural monetary policy shocks. The new shock has large …