milder macroeconomic responses to a monetary policy shock estimated with our VAR in presence of high uncertainty. A version …

restrictions on the impulse responses of main macroeconomic variables to identify monetary shock. This study finds that …

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 … responses of output and inflation …

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 … responses of output and inflation …

and does not imply positive average inflation rates in equilibrium. Interestingly, the presence of binding real rate …

and does not imply positive average inflation rates in equilibrium. Interestingly, the presence of binding real rate …

six-variable system supports time variation in US monetary policy shock identification. In the sample-dominating first … regime, systematic monetary policy follows a Taylor rule extended by the term spread and is effective in curbing inflation … stimulus, features the liquidity effect, and is complemented by a pure term spread shock. Absent the specific monetary policy …