Monetary Policy Surprises, Credit Costs, and Economic Activity

We provide evidence on the transmission of monetary policy shocks in a setting with both economic and financial variables. We first show that shocks identified using high frequency surprises around policy announcements as external instruments produce responses in output and inflation that are typica...

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Bibliographic Details
Published in:American economic journal. Macroeconomics 2015-01, Vol.7 (1), p.44-76
Main Authors: Gertler, Mark, Karadi, Peter
Format: Article
Language:English
Subjects:
1979-2012
Central banks
Credit
Credit policies
Economic activity
Economic costs
Economic models
Economic statistics
Federal funding
Federal funds rate
Federal Reserve monetary policy
Futures
Government bonds
Interest rates
Macroeconomics
Monetary policy
Monetary policy transmission mechanisms
Monetary theory
Papers from the October 2013 "Lessons from the Financial Crisis for Monetary Policy" Conference, Boston, Massachusetts
Studies
Surprise
Yield curves
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