Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/207752
Authors: 
Boeckx, Jef
Dossche, Maarten
Galesi, Alessandro
Hofmann, Boris
Peersman, Gert
Year of Publication: 
2019
Series/Report no.: 
NBB Working Paper 372
Abstract: 
A growing empirical literature has shown, based on structural vector autoregressions (SVARs) identified through sign restrictions, that unconventional monetary policies implemented after the outbreak of the Great Financial Crisis (GFC) had expansionary macroeconomic effects. In a recent paper, Elbourne and Ji (2019) conclude that these studies fail to identify true unconventional monetary policy shocks in the euro area. In this note, we show that their findings are actually fully consistent with a successful identification of unconventional monetary policy shocks by the earlier studies and that their approach does not serve the purpose of evaluating identification strategies of SVARs.
Subjects: 
Non-standard measures
structural VAR
identification
ECB
JEL: 
E52
C32
E58
Document Type: 
Working Paper

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