Abstract

http://ssrn.com/abstract=1968445
 
 

References (33)



 
 

Citations (1)



 


 



Identifying US Monetary Policy Shocks Through Sign Restrictions in Dollarized Countries


Alessandro Gobbi


affiliation not provided to SSRN

Tim Willems


University of Oxford - Nuffield College

September 28, 2011

Tinbergen Institute Discussion Paper No. 2011-145/2

Abstract:     
Since dollarized countries import US monetary policy, identifying US monetary shocks through sign restrictions on US variables only, does not use all available information. In this paper, we therefore include dollarized countries, which enable us to restrict more variables and leave the responses of US output and prices unrestricted (to allow for the working capital view of monetary shocks). We find only little evidence for the latter in the US, as prices fall immediately after most contractionary shocks that we identify. Furthermore, monetary shocks do not seem to have a clear effect on real GDP.

Number of Pages in PDF File: 23

Keywords: Monetary policy effects, price puzzle, structural VARs, identification

JEL Classification: E52, E31, C32

working papers series


Download This Paper

Date posted: December 6, 2011  

Suggested Citation

Gobbi, Alessandro and Willems, Tim, Identifying US Monetary Policy Shocks Through Sign Restrictions in Dollarized Countries (September 28, 2011). Tinbergen Institute Discussion Paper No. 2011-145/2. Available at SSRN: http://ssrn.com/abstract=1968445 or http://dx.doi.org/10.2139/ssrn.1968445

Contact Information

Alessandro Gobbi
affiliation not provided to SSRN ( email )
Tim Willems (Contact Author)
University of Oxford - Nuffield College ( email )
New Road
Oxford, OX1 1NF
United Kingdom
Feedback to SSRN


Paper statistics
Abstract Views: 131
Downloads: 23
References:  33
Citations:  1

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo3 in 0.422 seconds