Gürkaynak, Refet S.; Kısacıkoğlu, Burçin; Lee, … - 2022 - This Draft: April 20, 2022
For the academic audience, this paper presents the outcome of a well-identifted, large change in the monetary policy rule from the lens of a standard New Keynesian model and asks whether the model properly captures the effects. For policymakers, it presents a cautionary tale of the dismal...