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
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Englisch
- Erschienen in
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Series: Working Paper ; No. 2016-11
- Klassifikation
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Wirtschaft
- Ereignis
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Geistige Schöpfung
- (wer)
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Bassetto, Marco
Benzoni, Luca
Serrao, Trevor
- Ereignis
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Veröffentlichung
- (wer)
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Federal Reserve Bank of Chicago
- (wo)
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Chicago, IL
- (wann)
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2016
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Bassetto, Marco
- Benzoni, Luca
- Serrao, Trevor
- Federal Reserve Bank of Chicago
Entstanden
- 2016