Over the past two decades, high-frequency interest rate changes around the Federal
Reserve's Federal Open Market Committee (FOMC) announcements, or monetary policy …

We review the literature on the empirical characteristics of the global financial cycle and
associated stylized facts on international capital flows, asset prices, risk aversion, and …

We prove that local projections (LPs) and Vector Autoregressions (VARs) estimate the same
impulse responses. This nonparametric result only requires unrestricted lag structures. We …

We map ECB policy communication into yield curve changes and study the information flow
on policy dates. A byproduct is the publicly available Euro Area Monetary Policy Event-Study …

Central bank announcements simultaneously convey information about monetary policy and
the central bank's assessment of the economic outlook. This paper disentangles these two …

External sources of as‐if randomness—that is, external instruments—can be used to identify
the dynamic causal effects of macroeconomic shocks. One method is a one‐step …

We develop a simple quantitative New Keynesian model aimed at accounting for the recent
sudden and persistent rise in inflation, with emphasis on the role of oil shocks and …

We study the role of financial frictions and firm heterogeneity in determining the investment
channel of monetary policy. Empirically, we find that firms with low default risk—those with …

Using evidence from four major central banks, we decompose news conveyed by central-
bank communication into news about monetary policy (monetary news), as well as non …

The methods of Gürkaynak et al.(2005a) are extended to separately identify surprise
changes in the federal funds rate, forward guidance, and large-scale asset purchases …