| 000 -LEADER |
|---|
| fixed length control field |
01314nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
|---|
| fixed length control field |
210701b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Jaroctinski, Marek and Karadi, Peter |
| 245 ## - TITLE STATEMENT |
|---|
| Title |
Deconstructing monetary policy surprises: The role of information shocks |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
|---|
| Place of publication, distribution, etc |
American Economic Journal Macroeconomic |
| 300 ## - PHYSICAL DESCRIPTION |
|---|
| Extent |
12(2), Apr, 2020: p.1-43 |
| 520 ## - SUMMARY, ETC. |
|---|
| Summary, etc |
Central bank announcements simultaneously convey information about monetary policy and the central bank's assessment of the economic outlook. This paper disentangles these two components and studies their effect on the economy using a structural vector autoregression. It relies on the information inherent in high-frequency co-movement of interest rates and stock prices around policy announcements: a surprise policy tightening raises interest rates and reduces stock prices, while the complementary positive central bank information shock raises both. These two shocks have intuitive and very different effects on the economy. Ignoring the central bank information shocks biases the inference on monetary policy nonneutrality. – Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name as entry element |
Interest Rates: Determination, Term Structure, Financial market |
| 9 (RLIN) |
26130 |
| 773 ## - HOST ITEM ENTRY |
|---|
| Main entry heading |
American Economic Journal Macroeconomic |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
|---|
| Subject DIP |
MONETARY POLICY |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
|---|
| Item type |
Articles |
