On 28th November OxTalks will move to the new Halo platform and will become 'Oxford Events' (full details are available on the Staff Gateway).
There will be an OxTalks freeze beginning on Friday 14th November. This means you will need to publish any of your known events to OxTalks by then as there will be no facility to publish or edit events in that fortnight. During the freeze, all events will be migrated to the new Oxford Events site. It will still be possible to view events on OxTalks during this time.
If you have any questions, please contact halo@digital.ox.ac.uk
Abstract:
In the presence of information frictions, commonly used instruments for the identification of monetary policy disturbances combine the true policy shock with information about the state of the economy to which the central bank endogenously reacts. This paper shows that information effects can give rise to the empirical puzzles reported in the literature, and proposes a new high-frequency identification of monetary policy shocks that accounts for informational rigidities. We employ this identification in a novel flexible econometric method robust to misspecifications that bridges between VARs and Local Projections, and assess the model dependence of our results. Findings show that a monetary tightening is unequivocally contractionary, with no evidence of either price or output puzzles.
Download the paper at the following link:
static1.squarespace.com/static/5673346d69a91a5538ecb206/t/5aba897f575d1f96b4aef225/1522174351412/MAIN_TransmissionMP.pdf
Please sign up for meetings using the below:
docs.google.com/spreadsheets/d/1fp5iKeS24Rlu7oiBHfa1sEMBAMSyW2z0istQgSz40s4/edit#gid%3D0
