Ribba, Antonio - In: Journal of risk and financial management : JRFM 15 (2022) 4, pp. 1-12
In this paper, we show that in order to obtain a sound identification of Euro Area monetary policy shocks, one needs to … of monetary policy shocks for an open economy like the Euro Area requires consideration of the US policy rate. Indeed …, inflation and unemployment, we detect a wrong sign in the response of inflation to contractionary monetary policy shocks …