Monetary Policy Surprises, Credit Costs, and Economic Activity †

By M. Gertler, P. Karadi. 2014

1,591 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/3c15985829950f6bc6315c97bae3dad5a16532cb

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Citations in the corpus

Identification and Estimation of Dynamic Causal Effects in Macroeconomics Using External Instruments (2018, positive): “For example, in Gertler and Karadi (2015), the data on the macro variables Yt are available”
A unified measure of Fed monetary policy shocks (2019, result): “These results are conventional, in line with those of Gertler and Karadi (2015), for example.”
International Credit Supply Shocks (2017, positive): “(2005) also used by Gertler and Karadi (2015) in a monetary VAR for the US. Relative to Gertler and Karadi (2015), we construct a series of monetary surprises based on the 3-month Euro-Dollar futures (ED4 ) that covers a longer sample period.”
Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism (2019, neutral): “We cannot reject the hypothesis that the cohort-specific time-series from household survey data (as well as the aggregate time-series from national statistics) do not (3)Unfortunately, the length of the sample that we consider prevents us from using a high frequency identification strategy as in Ger”
High Frequency Identification of Monetary Non-Neutrality: The Information Effect (2018, positive): “Similar (stronger) assumptions are required when high-frequency monetary shocks are used as external instruments in a VAR—as in Gertler and Karadi (2015)—since the outcome variables are changes over several months.”
The long-run information effect of central bank communication (2019, positive): “Unlike in Hanson and Stein (2015), this term premium effect is the direct result of news rather than an indirect result of trading activity.”
MONETARY POLICY UNCERTAINTY AND ECONOMIC FLUCTUATIONS: MONETARY POLICY UNCERTAINTY AND ECONOMIC FLUCTUATIONS (2017, neutral): “Note that there are alternative approaches to identifying monetary policy shocks including long run restrictions (Blanchard and Quah(1989)), external instruments (Gertler and Karadi(2015)), narrative-based/green book (Romer and Romer(2004)), and conditional heteroskedasticity (Wright(2012)).”
The I Theory of Money (2016, positive): “As interest rate cuts affect the equilibrium allocations, they also affect the long-term real interest rate as documented by Hanson and Stein (2014) and term premia and credit spread as documented by Gertler and Karadi (2014). From an ex-ante perspective long-term bonds provide intermediaries with a”
Measuring euro area monetary policy (2019, positive): “This method has been used frequently since Gürkaynak et al. (2005) and was rst applied to Euro Area data by Brand et al.”
Dynamic Factor Models, Factor-Augmented Vector Autoregressions, and Structural Vector Autoregressions in Macroeconomics (2016, methodology): “This method, which is due to Stock (2008), has been used in a small but increasing number of recent papers including Stock and Watson (2012a), Mertens and Ravn (2013), and Gertler and Karadi (2015). This method is also”
Forward Guidance and Macroeconomic Outcomes since the Financial Crisis (2016, methodology): “As noted above, Gürkaynak et al. (2005) and Campbell et al.”