This paper attempts to identify the effects of monetary policy shock on output and price level in Thailand during 2005Q … employed to identify the monetary policy shock. To enhance the precision of the model specification, the short-run restrictions … simultaneously with each other. The results from the analysis of the structural model reveal that a shock to monetary policy drives …

tight monetary policy, which is captured with a positive shock to interest rate, decrease the exchange rate, output and … prices as the economic theory suggest. The effects of the loose monetary policy, which is captured with a negative shock to …. Moreover, as the magnitude of shock increases, the difference between the effects of tight and loose monetary policy policies …

these surprises reflect either a single unconventional 'monetary shock' or, as recently suggested, jointly an unconventional … monetary shock and a central bank 'information shock'. In this paper we show that monetary policy in the euro area after 2008 … is best characterized by three shocks, not two. Besides the unconventional monetary shock and the information shock, we …

prior distribution of structural parameters and shock processes are determined according to the literature. Then, we … consistent with theoretical framework of the new Keynesian synthesis. Besides, the historical shock decompositions of endogenous … monetary policy increases the effects of monetary policy shock on inflation while its impact on output gap and interest rate …

financial shocks generate effects on the economy that increase more than proportionately in the size of the shock when the shock … is negative, but not when the shock is positive …

-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding … some reversal since the beginning of the global financial crisis. The exchange rate shock also has a time-varying effect on …