The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom

This paper estimates the effects of monetary policy based on a new, extensive real-time dataset for the United Kingdom. Employing the Romer–Romer identification approach we construct a new measure of monetary policy innovations and find that a 1 percentage point increase in the policy rate reduces o...

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Bibliographic Details
Published in:American economic journal. Macroeconomics 2016-10, Vol.8 (4), p.75-102
Main Authors: Cloyne, James, Hürtgen, Patrick
Format: Article
Language:English
Subjects:
Analysis
Central banks
Datasets
Economic conditions
Estimates
GDP
Gross Domestic Product
Innovations
Interest rates
Macroeconomics
Monetary policy
Prices
Real time
Studies
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