000			01153nam a22001457a 4500
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100			_aAgrippino, Silvia Miranda and Ricco, Giovanni _931151
245			_aThe transmission of monetary policy shocks
260			_aThe American Economic Journal: Macroeconomic
300			_a13(3), Jul, 2021: p.74-107
520			_aCommonly used instruments for the identification of monetary policy disturbances are likely to combine the true policy shock with information about the state of the economy due to the information disclosed through the policy action. We show that this signaling effect of monetary policy can give rise to the empirical puzzles reported in the literature, and propose a new high-frequency instrument for monetary policy shocks that accounts for informational rigidities. We find that a monetary tightening is unequivocally contractionary, with deterioration of domestic demand, labor and credit market conditions as well as of asset prices and agents' expectations. – Reproduced
773			_aThe American Economic Journal: Macroeconomic
906			_aMONETARY POLICY
942			_cAR