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008			210701b ||||| |||| 00| 0 eng d
100			_aJaroctinski, Marek and Karadi, Peter _926129
245			_aDeconstructing monetary policy surprises: The role of information shocks
260			_aAmerican Economic Journal Macroeconomic
300			_a12(2), Apr, 2020: p.1-43
520			_aCentral 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			_aInterest Rates: Determination, Term Structure, Financial market _926130
773			_aAmerican Economic Journal Macroeconomic
906			_aMONETARY POLICY
942			_cAR