BoJ paper creates new framework for identifying monetary policy shocks


A working paper published today by the Bank of Japan proposes a new model for analysing the impact of conventional and unconventional monetary policy on the real economy.

The paper – Identifying Conventional and Unconventional Monetary Policy Shocks: A Latent Threshold Approach by Takeshi Kimura and Jouchi Nakajima – proposes a new estimation framework for identifying monetary policy shocks in both conventional and unconventional policy regimes.

"It is typically difficult to identify a purely

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