Brandao Marques, Luis; Gelos, Gaston; Harjes, Thomas; … - 2020
, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from … interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jorda's (2005 … output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary …