Identifying and estimating the effects of unconventional monetary policy in the data: How to do It and what have we learned?

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• dc.contributor.author Rossi, Barbara, 1971-
• dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
• dc.date.accessioned 2020-05-25T09:27:00Z
• dc.date.available 2020-05-25T09:27:00Z
• dc.date.issued 2018-01-06
• dc.date.modified 2020-05-25T09:25:52Z
• dc.description.abstract How should one identify monetary policy shocks in unconventional times? Are unconventional monetary policies as e§ective as conventional ones? And has the transmission mechanism of monetary policy changed in the zerolower bound era? The recent Önancial crisis led Central banks to lower their interest rates in order to stimulate the economy, and interest rates in many advanced economies hit the zero lower bound. As a consequence, the traditional approach to the identiÖcation and the estimation of monetary policy faces new econometric challenges in unconventional times. This article aims at providing a broad overview of the recent literature on the identiÖcation of unconventional monetary policy shocks and the estimation of their e§ects on both Önancial as well as macroeconomic variables. Given that the prospects of slow recoveries and long periods of very low interest rates are becoming the norm, many economists believe that we are likely to face unconventional monetary policy measures often in the future. Hence, these are potentially very important issues in practice.
• dc.format.mimetype application/pdf*
• dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1641
• dc.identifier.citation
• dc.identifier.uri http://hdl.handle.net/10230/44743
• dc.language.iso eng
• dc.relation.ispartofseries Economics and Business Working Papers Series; 1641
• dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
• dc.subject.keyword shock identification
• dc.subject.keyword vars
• dc.subject.keyword zero lower bound
• dc.subject.keyword unconventional monetary policy
• dc.subject.keyword monetary policy
• dc.subject.keyword external instruments
• dc.subject.keyword forward guidance.
• dc.subject.keyword Macroeconomics and International Economics
• dc.subject.keyword Statistics, Econometrics and Quantitative Methods
• dc.title Identifying and estimating the effects of unconventional monetary policy in the data: How to do It and what have we learned?
• dc.title.alternative
• dc.type info:eu-repo/semantics/workingPaper