Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/182026
Authors: 
Meinen, Philipp
Röhe, Oke
Year of Publication: 
2018
Series/Report no.: 
Bundesbank Discussion Paper 33/2018
Abstract: 
Based on SVAR models identified by sign restrictions, we estimate the macroeconomic effects of financial and uncertainty shocks in the euro area and the US, paying particular attention to their effects on prices. While our results confirm that such disturbances are important drivers of output fluctuations in both economies, we find the shock responses of consumer prices to be ambiguous. Moreover, restricting prices to co-moving with output can considerably attenuate the measured impact of financial and uncertainty shocks on real activity.
Subjects: 
Financial Shocks
Uncertainty Shocks
Sign Restrictions
Euro Area
United States
JEL: 
C11
C32
E32
E44
ISBN: 
978-3-95729-495-1
Document Type: 
Working Paper
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