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variables in six fast growing emerging economies: Brazil, Russia, India, China, South Africa and Turkey - denoted hereafter as …
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We propose a two-step approach to estimate multi-dimensional monetary policy shocks and their causal effects requiring only daily financial market data and policy events. First, we combine a heteroscedasticity-based identification scheme with recursive zero restrictions along the term structure...
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We estimate the effects of a negative asymmetric demand shock on the real exchange rate for the euro area vis-à-vis the … output, confirming its shock-absorbing capacity before and during the ZLB episode. The stabilizing role of the exchange rate …
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of structural shocks over macroeconomic fundamentals in Turkey. For this purpose, we estimate the basic new Keynesian … quarterly dataset of the real gross domestic product index, consumer price index and short term interest rate for Turkey. The … prior distribution of structural parameters and shock processes are determined according to the literature. Then, we …
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