Aastveit, Knut Are; Natvik, Gisle James; Sola, Sergio - Norges Bank - 2013
This paper explores if economic uncertainty alters the macroeconomic influence of monetary policy. We consider several … measures of U.S. economic uncertainty, and estimate their interaction effects with monetary policy shocks as identified through … structural vector autoregressions. We find that monetary policy shocks affect economic activity considerably weaker when …