Arbeitspapier
Identifying US Monetary Policy Shocks through Sign Restrictions in Dollarized Countries
Since dollarized countries import US monetary policy, identifying US monetary shocks through sign restrictions on US variables only, does not use all available information. In this paper we therefore include dollarized countries,which enable us to restrict more variables and leave the responses of US output and prices unrestricted (to allow for the working capital view of monetary shocks). We find only little evidence for the latter in the US, as prices fall immediately after most contractionary shocks that we identify. Furthermore, monetary shocks do not seem to have a clear effect on real GDP.
- Sprache
-
Englisch
- Erschienen in
-
Series: Tinbergen Institute Discussion Paper ; No. 11-145/2
- Klassifikation
-
Wirtschaft
Monetary Policy
Price Level; Inflation; Deflation
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
- Thema
-
Monetary policy effects
Price puzzle
Structural VARs
Identification
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Gobbi, Alessandro
Willems, Tim
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 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.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Gobbi, Alessandro
- Willems, Tim
- Tinbergen Institute
Entstanden
- 2011
Ähnliche Objekte (12)
Identifying regional labor demand shocks using sign restrictions
Measuring monetary policy with residual sign restrictions at known shock dates
Measuring Monetary Policy with Residual Sign Restrictions at Known Shock Dates
Do SVARs with sign restrictions not identify unconventional monetary policy shocks?
Using the global dimension to identify shocks with sign restrictions
Monetary policy shocks, set-identifying restrictions, and asset prices: A benchmarking approach for analyzing set-identified models
Technology shocks and robust sign restrictions in a Euro area SVAR
Technology shocks and robust sign restrictions in a euro area SVAR
Identifying monetary policy shocks via changes in volatility
(Almost) recursive identification of monetary policy shocks with economic parameter restrictions
(Almost) Recursive Identification of Monetary Policy Shocks with Economic Parameter Restrictions
Loan supply shocks in Macedonia: a Bayesian SVAR approach with sign restrictions
Identifying regional labor demand shocks using sign restrictions
Measuring monetary policy with residual sign restrictions at known shock dates
Measuring Monetary Policy with Residual Sign Restrictions at Known Shock Dates
Do SVARs with sign restrictions not identify unconventional monetary policy shocks?
Using the global dimension to identify shocks with sign restrictions
Monetary policy shocks, set-identifying restrictions, and asset prices: A benchmarking approach for analyzing set-identified models
Technology shocks and robust sign restrictions in a Euro area SVAR
Technology shocks and robust sign restrictions in a euro area SVAR
Identifying monetary policy shocks via changes in volatility
(Almost) recursive identification of monetary policy shocks with economic parameter restrictions
(Almost) Recursive Identification of Monetary Policy Shocks with Economic Parameter Restrictions
Loan supply shocks in Macedonia: a Bayesian SVAR approach with sign restrictions
Identifying regional labor demand shocks using sign restrictions
Measuring monetary policy with residual sign restrictions at known shock dates
Measuring Monetary Policy with Residual Sign Restrictions at Known Shock Dates
Do SVARs with sign restrictions not identify unconventional monetary policy shocks?
Using the global dimension to identify shocks with sign restrictions
Monetary policy shocks, set-identifying restrictions, and asset prices: A benchmarking approach for analyzing set-identified models
Technology shocks and robust sign restrictions in a Euro area SVAR
Technology shocks and robust sign restrictions in a euro area SVAR
Identifying monetary policy shocks via changes in volatility
(Almost) recursive identification of monetary policy shocks with economic parameter restrictions
(Almost) Recursive Identification of Monetary Policy Shocks with Economic Parameter Restrictions