-priori restrictions. Our empirical analysis for the euro area reveals that interest rate decisions of the ECB surprised financial markets … residuals of the policy rule equation at these shock dates accordingly. In spite of its utmost agnostic nature, this approach … achieves strong identification, suggesting that unexpected ECB decisions have an immediate impact on the short-term money …

-priori restrictions. Our empirical analysis for the euro area reveals that interest rate decisions of the ECB surprised financial markets … residuals of the policy rule equation at these shock dates accordingly. In spite of its utmost agnostic nature, this approach … achieves strong identification, suggesting that unexpected ECB decisions have an immediate impact on the short-term money …

increases, so does the risk that a restrictive forward guidance shock will increase rather than decrease stock prices. This … suggest that uncertainty is an alternative approach to explain the phenomena previously known as "information shock" and …

We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on …

-robust approach is proposed to construct estimation and inference. Thirdly, this paper suggests a procedure to derive theory … the FEVD tend to remove unreasonable implications, increase estimation precision, sharpen and also alter the inference of …

A central question for monetary policy is how asset prices respond to a monetary policy shock. We provide evidence on … restrictions. The impulse responses show a positive asset price response to a contractionary monetary policy shock. The resulting …