Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212420 
Authors: 
Year of Publication: 
2018
Series/Report no.: 
Bank of Finland Research Discussion Papers No. 12/2018
Publisher: 
Bank of Finland, Helsinki
Abstract: 
I estimate the effects of conventional and unconventional monetary policy in the euro area by using a factor-augmented vector autoregression.I complement the standard monetary policy analysis using the short rate with models where the shadow rates by Kortela (2016) and Wu and Xia (2017) are used as proxies for unconventional monetary policy. I quantify the effects of unanticipated monetary policy shocks using impulse response functions, forecast-error variance decompositions, and counterfactual simulations. The results indicate that unconventional monetary policy shocks have similar, expansionary effects on the economy as conventional monetary policy shocks.
JEL: 
E43
E44
E52
E58
Persistent Identifier of the first edition: 
ISBN: 
978-952-323-232-7
Document Type: 
Working Paper

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