econometric issues are addressed including estimation of the number of dynamic factors and tests for the factor restrictions …

are consistent across approaches and most likely medium. Alternative monetary policy shock measures from estimated Taylor …

functions because the latter require shock identification, which is inherently a difficult process …

This paper uses the Flow of Funds accounts to assess the impact of a monetary policy shock on the borrowing and lending … sectors can be summarized as follows. First, following a contractionary shock to monetary policy, net funds raised by the … business sector increases for roughly a year. Thereafter, as the recession induced by the policy shock gains momentum, net …