thispaper show that after the initial shock of foreign exchange reserves,the exchange rate appreciation occurs, which can be …

We estimate the effects of a negative asymmetric demand shock on the real exchange rate for the euro area vis-à-vis the … output, confirming its shock-absorbing capacity before and during the ZLB episode. The stabilizing role of the exchange rate …

experienced high inflation. The impact of an exchange rate shock on prices seems to slightly decrease across time …-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding …

central bank information shocks on macro variables using proxy SVAR. Contractionary monetary policy decreases output and price … level clearly. A positive information shock which also induces increases in interest rate is perceived by private agents as …

We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock … component and a central bank information shock component. We identify both components using changes in interest rate futures and … that a contractionary interest rate shock appreciates the dollar, increases the excess bond premium, and leads to a decline …

wisdom about the effects of monetary policy shock. …

Bayesian VAR on monthly US macroeconomic and financial data, we first identify the US QE shock. The identified US QE shock is … expansionary US QE shock has significant effects on financial variables in EMEs. It leads to an exchange rate appreciation, a …

autoregressive model. In a high inflation regime the standard results from the literature obtain. In a low inflation regime output … shows no significant response to monetary policy while the inflation response is negative. The paper endogenously determines …

We use a simple New Keynesian model, with firm specific capital, non-zero steady-state inflation, long-run risks and … Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy … rate by 150 basis points causes output and inflation volatility to rise around 10% above their steady-state standard …

This paper investigates within a SVAR framework the effects of anticipated monetary policy in the euro area. Building …