Arbeitspapier

The interplay between financial conditions and monetary policy shocks

We study the interplay between monetary policy and financial conditions shocks. Such shocks have a significant and similar impact on the real economy, though with different degrees of persistence. The systematic fed funds rate response to a financial shock contributes to bringing the economy back towards trend, but a zero lower bound on policy rates can prevent this from happening, with a significant cost in terms of output and investment. In a retrospective analysis of the U.S. economy over the past 20 years, we decompose the realization of economic variables into the contributions of financial, monetary policy, and other shocks.

Sprache
Englisch

Erschienen in
Series: Working Paper ; No. 2016-11

Klassifikation
Wirtschaft

Ereignis
Geistige Schöpfung
(wer)
Bassetto, Marco
Benzoni, Luca
Serrao, Trevor
Ereignis
Veröffentlichung
(wer)
Federal Reserve Bank of Chicago
(wo)
Chicago, IL
(wann)
2016

Handle
Letzte Aktualisierung
10.03.2025, 11:42 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Bassetto, Marco
  • Benzoni, Luca
  • Serrao, Trevor
  • Federal Reserve Bank of Chicago

Entstanden

  • 2016

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