This paper evaluates the literature on international unconventional monetary policies
(UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in …

Monetary policy affects financial markets and the broader economy in part by changing the
risk appetite of investors. This article provides new evidence for this so-called risk-taking …

Commonly used instruments for the identification of monetary policy disturbances are likely
to combine the true policy shock with information about the state of the economy due to the …

We develop a US monetary policy shock series that stably bridges periods of conventional
and unconventional policymaking, is largely unpredictable, and contains no significant …

This paper examines the role of refinancing channel and the mortgage market structure for
the transmission of monetary policy to consumption. First, I document heterogeneous …

We present estimates of monetary non-neutrality based on evidence from high-frequency
responses of real interest rates, expected inflation, and expected output growth. Our …

The extraordinary events surrounding the Great Recession have cast a considerable doubt
on the traditional sources of macroeconomic instability. In their place, economists have …

I study the role of firms' balance sheet liquidity in the transmission of monetary policy to
investment. In response to monetary contractions, US firms with fewer liquid asset holdings …

In this paper, we develop a Bayesian framework to estimate a proxy structural vector
autoregression to identify monetary policy shocks. We find that during the Great Moderation …

We evaluate the effects on asset prices of the ECB asset purchase programme (APP)
announced in January 2015 and assess its main transmission channels. We do so by first …