), which imposes sign restrictions on the impulse responses to a monetary shock, does not satisfy our restrictions on the …

identified monetary policy shock is then put into country-specific local projections in order to derive country-specific impulse …

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 …

policy shock leads to a persistent fall in international output, a drop in global inflation rates, a rise in international … shock to foreign real GDP growth. …

monetary policy shock. In line with a re-anchoring channel of monetary policy, we find that long-term inflation expectations …

shocks and study their effects on financial variables and macro variables. The first shock resembles a conventional monetary … policy shock, and the second resembles an unconventional monetary shock. The third shock leads to an increase in interest … and uncertainty decrease, and the U.S. dollar depreciates. Therefore, this third shock combines all the characteristics of …