000			01246nam a22001577a 4500
999			_c517083 _d517083
008			210630b ||||| |||| 00| 0 eng d
100			_aWolf, Christian K. _926070
245			_aSVAR (Mis)identification and the Real Effects of Monetary Policy Shocks
260			_aAmerican Economic Journal Macroeconomics
300			_a12(4), Oct, 2020: p.1-32
520			_aI argue that the seemingly disparate findings of the recent empirical literature on monetary policy transmission are all consistent with the same standard macro models. Weak sign restrictions, which suggest that contractionary monetary policy, if anything, boosts output, present as policy shocks what actually are expansionary demand and supply shocks. Classical zero restrictions are robust to such misidentification, but miss short-horizon effects. Two recent approaches—restrictions on Taylor rules and external instruments—instead work well. My findings suggest that empirical evidence is consistent with models in which the real effects of monetary policy are larger than commonly estimated.- Reproduced
650			_aMonetary policy transmission, Taylor rules _926071
773			_aAmerican Economic Journal Macroeconomics
906			_aMONETARY POLICY
942			_cAR