Bundesbank paper contrasts techniques for identifying monetary policy shocks
A discussion paper published yesterday by the Deutsche Bundesbank compares and contrasts how the relationship between monetary policy and the business cycle is modelled across existing empirical literature.
The paper – Reconciling Narrative Monetary Policy Disturbances with Structural VAR Model Shocks? By Martin Kliem and Alexander Kriwoluzky – looks to quantify the discrepancies between the two main approaches, which the authors believe will help improve the identification of monetary policy
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