Bauer, Michael D.; Swanson, Eric T. - National Bureau of Economic Research - 2022
monetary policy on asset prices and the macroeconomy. However, some recent studies have questioned both the exogeneity and the … relevance of these monetary policy surprises as instruments, especially for estimating the macroeconomic effects of monetary … policy shocks. For example, monetary policy surprises are correlated with macroeconomic and financial data that is publicly …