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 …

and derives implications for monetary-fiscal interactions. First, we document that a contractionary monetary policy shock … fiscal measures following a monetary policy shock. The impact of a monetary policy shock on output is more than halved by the …

and the stock market in the US around FOMC announcements. A restrictive monetary policy shock in the US is identified by … an increase in the interest rate and a drop in stock prices, while a positive information shock is identified when both …

of imposing a minimal set of theoretical restrictions on the model to be tested. A monetary policy shock is identified … same specification, without imposing one identification mechanism a priori. The correct measure of a monetary policy shock …

of imposing a minimal set of theoretical restrictions on the model to be tested. A monetary policy shock is identified … same specification, without imposing one identification mechanism a priori. The correct measure of a monetary policy shock …