these surprises reflect either a single unconventional 'monetary shock' or, as recently suggested, jointly an unconventional … monetary shock and a central bank 'information shock'. In this paper we show that monetary policy in the euro area after 2008 … is best characterized by three shocks, not two. Besides the unconventional monetary shock and the information shock, we …

pure monetary policy shock and an information shock. Using inter-day movements of futures of interest rate in the banking … system, we identify an information shock when labor data is released and a pure monetary policy shock when the central bank … results suggest that a pure monetary policy shock produce an appreciation of nominal exchange rate, and contractionary effects …

find that (i) the US economy is well described by a number of structural shocks between two and five. Focusing on the four-shock …

portfolio flows. Second, however, the marginal response to a U.S. monetary policy shock is, on average, subdued if we focus on … value of net worth increases, the marginal responses by both investors would drop with a U.S. monetary policy shock …