output) shortly after a monetary policy shock. To overcome this problem, we propose to estimate the VAR parameters under the …

trade balance. The contractionary euro area monetary policy shock decreases Russian GDP, leads to real appreciation of the …

output) shortly after a monetary policy shock. To overcome this problem, we propose to estimate the VAR parameters under the …

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 …

vector autoregression model (SVAR) to examine the transmission of the effects of a positive monetary policy shock to the real …

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 …