Bank of England paper estimates effects of monetary policy
Romer-Romer approach allows researchers to isolate effect of interest rate change
A working paper published by the Bank of England (BoE) last week estimates the effects of monetary policy on the UK economy based on a new, extensive real-time forecast data set.
The macroeconomic effects of monetary policy: a new measure for the United Kingdom, by the BoE's James Cloyne and Patrick Hürtgen of the University of Bonn, employs a Romer-Romer identification approach to construct a new measure of monetary policy innovations for the UK economy.
They find that a 1 percentage point
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