level clearly. A positive information shock which also induces increases in interest rate is perceived by private agents as …

satisfies the restrictions. Their method generates impulse responses that are consistent with macroeconomic theory, but that …

We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock … component and a central bank information shock component. We identify both components using changes in interest rate futures and … that a contractionary interest rate shock appreciates the dollar, increases the excess bond premium, and leads to a decline …

We use a simple New Keynesian model, with firm specific capital, non-zero steady-state inflation, long-run risks and … Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy … rate by 150 basis points causes output and inflation volatility to rise around 10% above their steady-state standard …

financial dynamics in inflation-chaotic African countries for the period 1987-2010. Design/methodology/approach - VARs within … significantly adjust inflation to the cointegration relations. With respect to the second-half (short-run view) of the hypothesis … business cycles, credit expansions and inflationary tendencies, inflation targeting and monetary policy independence …

by the announcement of inflation targeting in 1991 when estimating the effects of monetary policy. For instance, we find … that a 100-basis-point increase in our new shock series leads to a 1.0 per cent decrease in real GDP and a 0.4 per cent …

autoregressive model. In a high inflation regime the standard results from the literature obtain. In a low inflation regime output … shows no significant response to monetary policy while the inflation response is negative. The paper endogenously determines …

rate both matter for determining inflation and economic activity. …

Recent empirical evidence by Fair (2002,2005) and Giordani (2003) shows that a positive inflation shock with the … include wealth effects. It is demonstrated that, following an inflation shock, the decline of output coupled with passive … Synthesis' literature. This paper reconsiders the effects of inflation shocks in a simple New Keynesian framework extended to …