000			02479cam a22003497 4500
001			w20224
003			NBER
005			20211020105912.0
006			m o d
007			cr cnu||||||||
008			210910s2014 mau fo 000 0 eng d
100	1		_aGertler, Mark. _911300
245	1	0	_aMonetary Policy Surprises, Credit Costs and Economic Activity / _cMark Gertler, Peter Karadi.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2014.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w20224
500			_aJune 2014.
520	3		_aWe provide evidence on the nature of the monetary transmission mechanism. To identify policy shocks in a setting with both economic and financial variables, we combine traditional monetary vector autoregression (VAR) analysis with high frequency identification (HFI) of monetary policy shocks. We first show that the shocks identified using HFI surprises as external instruments produce responses in output and inflation consistent with both textbook theory and conventional monetary VAR analysis. We also find, however, that monetary policy surprises typically produce "modest movements" in short rates that lead to "large" movements in credit costs and economic activity. The large movements in credit costs are mainly due to the reaction of both term premia and credit spreads that are typically absent from the standard model of monetary policy transmission. Finally, we show that forward guidance is important to the overall strength of the transmission mechanism.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE3 - Prices, Business Fluctuations, and Cycles _2Journal of Economic Literature class.
690		7	_aE4 - Money and Interest Rates _2Journal of Economic Literature class.
690		7	_aE5 - Monetary Policy, Central Banking, and the Supply of Money and Credit _2Journal of Economic Literature class.
700	1		_aKaradi, Peter.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w20224.
856	4	0	_uhttps://www.nber.org/papers/w20224
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w20224
942			_2ddc _cW-PAPER
999			_c327900 _d286462