In their classic 1999 paper, Monetary policy shocks: What have we learned and to what end?, Christiano, Eichenbaum, and Evans (CEE) investigate one of the most widely used methods for identifying monetary policy shocks of its time. Unfortunately, their approach is no longer viable, at least not...

In late 2008, deteriorating economic conditions led the Federal Reserve to lower the federal funds rate to near zero and inject massive liquidity into the financial system through novel facilities. The combination of conventional and unconventional measures complicates the challenging task of...