Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/338091 
Erscheinungsjahr: 
2026
Schriftenreihe/Nr.: 
Deutsche Bundesbank Discussion Paper No. 08/2026
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
The effects of monetary policy shocks are regularly estimated using high-frequency sur- prises in asset prices around central bank meetings as an instrument. These studies, insofar as they explicitly model the relationship between instrument and structural shock, assume a constant relationship between the instrument and the monetary policy shock. By allowing for time variation in this relationship, we show that only a few distinct periods are infor- mative about monetary policy shocks. Therefore, we build a narrative for instrument-based identification. For the instrument in Gertler & Karadi (2015), the effect on the (log) price level is almost 50 percent larger than the standard specification would suggest.
Schlagwörter: 
High-Frequency Identification
Instruments
Monetary Policy
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-3-98848-065-1
Dokumentart: 
Working Paper
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