We apply a natural language processing algorithm to FOMC statements to construct a new
measure of monetary policy stance, including the tone and novelty of a policy statement. We …

We measure the impact of household consumption shocks on aggregate fluctuations. These
shocks affect household consumption directly, and production and prices indirectly through …

We study the behavior of key macroeconomic variables in the time and frequency domain.
For this purpose, we decompose US time series into various frequency components. This …

Does the effect of monetary policy depend on the prevailing level of inflation? In order to
answer this question, we construct a parsimonious nonlinear time series model that allows …

In this paper, we investigate the international effects of euro rate forward guidance (FG) and
compare them to spillovers from a conventional monetary policy shock (MP). We identify the …

Does monetary policy affect people differently depending on their education level, their
marital status, their race or their gender? To study this question, we use a Vector …

The study proposes a novel way to identify the effects of monetary policy shocks taking into
account time-varying signals of the central bank. I augment the standard monetary policy …

We propose to use a few assumptions on an abstract dynamic stochastic general
equilibrium (DSGE) model to identify the monetary policy rule and shock. Using the …

This study examines the relationship between the interest rate on main refinancing
operations which is one of the ECB's key rates and inflation, and also the key rate and …

This paper explores the domestic and international effects of an increase in observed
interest rates (conventional monetary policy) and expected interest rates (forward guidance) …