OxTalks will soon move to the new Halo platform and will become 'Oxford Events.' There will be a need for an OxTalks freeze. This was previously planned for Friday 14th November – a new date will be shared as soon as it is available (full details will be available on the Staff Gateway).
In the meantime, the OxTalks site will remain active and events will continue to be published.
If staff have any questions about the Oxford Events launch, 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
