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Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited

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  1. repec:spo:wpmain:info:hdl:2441/5buvtkmlk091prrdje4a0tbkla is not listed on IDEAS
  2. Mokas, Dimitris & Giuliodori, Massimo, 2023. "Effects of LTV announcements in EU economies," Journal of International Money and Finance, Elsevier, vol. 133(C).
  3. Forbes, Kristin & Fratzscher, Marcel & Straub, Roland, 2015. "Capital-flow management measures: What are they good for?," Journal of International Economics, Elsevier, vol. 96(S1), pages 76-97.
  4. Fergus Cumming & Paul Hubert, 2019. "The role of households' borrowing constraints in the transmission of monetary policy," Working Papers hal-03403257, HAL.
  5. Òscar Jordà & Alan M. Taylor, 2016. "The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy," Economic Journal, Royal Economic Society, vol. 126(590), pages 219-255, February.
  6. François, Abel & Méon, Pierre-Guillaume, 2021. "Politicians at higher levels of government are perceived as more corrupt," European Journal of Political Economy, Elsevier, vol. 67(C).
  7. Blanco Barroso, Joao & Barbone Gonzalez, Rodrigo & Peydró, José-Luis & Nazar van Doornik, Bernardus, 2019. "Countercyclical Liquidity Policy and Credit Cycles: Evidence from Macroprudential and Monetary Policy in Brazil," EconStor Preprints 216792, ZBW - Leibniz Information Centre for Economics.
  8. Felipe Benguria & Alan M. Taylor, 2020. "After the Panic: Are Financial Crises Demand or Supply Shocks? Evidence from International Trade," American Economic Review: Insights, American Economic Association, vol. 2(4), pages 509-526, December.
  9. Hashem Pesaran, M. & Smith, Ron P., 2016. "Counterfactual analysis in macroeconometrics: An empirical investigation into the effects of quantitative easing," Research in Economics, Elsevier, vol. 70(2), pages 262-280.
  10. Dörffel, Christoph & Freytag, Andreas, 2023. "The poverty effect of democratization," World Development, Elsevier, vol. 165(C).
  11. Sheng, Xin & Marfatia, Hardik A. & Gupta, Rangan & Ji, Qiang, 2023. "The non-linear response of US state-level tradable and non-tradable inflation to oil shocks: The role of oil-dependence," Research in International Business and Finance, Elsevier, vol. 64(C).
  12. Sangyup Choi & Kimoon Jeong & Jiseob Kim, 2024. "Asymmetric Mortgage Channel of Monetary Policy: Refinancing as a Call Option," Working papers 2024rwp-228, Yonsei University, Yonsei Economics Research Institute.
  13. Tiloka de Silva & Silvana Tenreyro, 2021. "Presidential Address 2021: Climate-Change Pledges, Actions, and Outcomes [Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited]," Journal of the European Economic Association, European Economic Association, vol. 19(6), pages 2958-2991.
  14. Lacroix, Jean & Méon, Pierre-Guillaume & Sekkat, Khalid, 2021. "Democratic transitions can attract foreign direct investment: Effect, trajectories, and the role of political risk," Journal of Comparative Economics, Elsevier, vol. 49(2), pages 340-357.
  15. Jordà, Òscar & Schularick, Moritz & Taylor, Alan M., 2020. "The effects of quasi-random monetary experiments," Journal of Monetary Economics, Elsevier, vol. 112(C), pages 22-40.
  16. Carvalho, Carlos & Masini, Ricardo & Medeiros, Marcelo C., 2018. "ArCo: An artificial counterfactual approach for high-dimensional panel time-series data," Journal of Econometrics, Elsevier, vol. 207(2), pages 352-380.
  17. Ernesto Crivelli & Mr. Sanjeev Gupta, 2014. "Does conditionality in IMF-supported programs promote revenue reform?," IMF Working Papers 2014/206, International Monetary Fund.
  18. James Cloyne & Òscar Jordà & Alan M. Taylor, 2023. "State-Dependent Local Projections: Understanding Impulse Response Heterogeneity," Working Paper Series 2023-05, Federal Reserve Bank of San Francisco.
  19. Herradi, Mehdi El & Leroy, Aurélien, 2022. "The rich, poor, and middle class: Banking crises and income distribution," Journal of International Money and Finance, Elsevier, vol. 127(C).
  20. Alpanda, Sami & Granziera, Eleonora & Zubairy, Sarah, 2021. "State dependence of monetary policy across business, credit and interest rate cycles," European Economic Review, Elsevier, vol. 140(C).
  21. Kamalyan, Hayk, 2021. "The State-Dependent Effects of Monetary Policy," MPRA Paper 107489, University Library of Munich, Germany.
  22. André Diniz, 2018. "Effects of Fiscal Consolidations in Latin America," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 66(4), pages 694-731, December.
  23. James S. Cloyne & Òscar Jordà & Alan M. Taylor, 2020. "Decomposing the Fiscal Multiplier," NBER Working Papers 26939, National Bureau of Economic Research, Inc.
  24. Mr. Pragyan Deb & Julia Estefania-Flores & Melih Firat & Davide Furceri & Siddharth Kothari, 2023. "Monetary Policy Transmission Heterogeneity: Cross-Country Evidence," IMF Working Papers 2023/204, International Monetary Fund.
  25. Òscar Jordà & Moritz Schularick & Alan M. Taylor, 2016. "The great mortgaging: housing finance, crises and business cycles," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 31(85), pages 107-152.
  26. Antonis Adam & Thomas Moutos, 2023. "Do Public Sector Employment Reductions Promote Informality?," CESifo Working Paper Series 10614, CESifo.
  27. Baqaee, David Rezza, 2020. "Asymmetric inflation expectations, downward rigidity of wages, and asymmetric business cycles," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 174-193.
  28. Kloosterman, Roben & Bonam, Dennis & van der Veer, Koen, 2024. "The effects of monetary policy across fiscal regimes," Journal of Macroeconomics, Elsevier, vol. 81(C).
  29. Max Breitenlechner & Johann Scharler, 2020. "Private Sector Debt, Financial Constraints, and the Effects of Monetary Policy: Evidence from the US," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 82(4), pages 889-915, August.
  30. Philippe Goulet Coulombe & Maximilian Goebel & Karin Klieber, 2024. "Dual Interpretation of Machine Learning Forecasts," Papers 2412.13076, arXiv.org.
  31. Jackson, Laura E. & Owyang, Michael T. & Soques, Daniel, 2018. "Nonlinearities, smoothing and countercyclical monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 95(C), pages 136-154.
  32. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2019. "Sovereigns going bust: Estimating the cost of default," European Economic Review, Elsevier, vol. 119(C), pages 1-21.
  33. Johannes F. Wieland & Mu‐Jeung Yang, 2020. "Financial Dampening," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(1), pages 79-113, February.
  34. Viral V. Acharya & Lea Borchert & Maximilian Jager & Sascha Steffen, 2023. "Kicking the Can Down the Road: Government Interventions in the European Banking Sector," CRC TR 224 Discussion Paper Series crctr224_2023_446, University of Bonn and University of Mannheim, Germany.
  35. Victor Song & Libo Xu, 2023. "Do Monetary Policy Shocks Have Asymmetric Effects on Stock Market?," Open Economies Review, Springer, vol. 34(5), pages 1063-1078, November.
  36. Blot, Christophe & Hubert, Paul & Labondance, Fabien, 2024. "The asymmetric effects of monetary policy on stock price bubbles," European Economic Review, Elsevier, vol. 168(C).
  37. Silvana Tenreyro & Gregory Thwaites, 2016. "Pushing on a String: US Monetary Policy Is Less Powerful in Recessions," American Economic Journal: Macroeconomics, American Economic Association, vol. 8(4), pages 43-74, October.
  38. Kuersteiner, Guido M. & Phillips, David C. & Villamizar-Villegas, Mauricio, 2018. "Effective sterilized foreign exchange intervention? Evidence from a rule-based policy," Journal of International Economics, Elsevier, vol. 113(C), pages 118-138.
  39. Ramey, V.A., 2016. "Macroeconomic Shocks and Their Propagation," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 71-162, Elsevier.
  40. Mäkinen, Taneli & Li, Fan & Mercatanti, Andrea & Silvestrini, Andrea, 2022. "Causal analysis of central bank holdings of corporate bonds under interference," Economic Modelling, Elsevier, vol. 113(C).
  41. Caselli, Francesca & Wingender, Philippe, 2021. "Heterogeneous effects of fiscal rules: The Maastricht fiscal criterion and the counterfactual distribution of government deficits✰," European Economic Review, Elsevier, vol. 136(C).
  42. repec:hal:spmain:info:hdl:2441/74362fq3f99s299n07e84dlcib is not listed on IDEAS
  43. Llanos, Cristian & Kristjanpoller, Werner & Michell, Kevin & Minutolo, Marcel C., 2022. "Causal treatment effects in time series: CO2 emissions and energy consumption effect on GDP," Energy, Elsevier, vol. 249(C).
  44. Davide Viviano & Jelena Bradic, 2021. "Dynamic covariate balancing: estimating treatment effects over time with potential local projections," Papers 2103.01280, arXiv.org, revised Jan 2024.
  45. Mary Everett & Jakob de Haan & David‐Jan Jansen & Peter McQuade & Anna Samarina, 2021. "Mortgage lending, monetary policy, and prudential measures in small euro‐area economies: Evidence from Ireland and the Netherlands," Review of International Economics, Wiley Blackwell, vol. 29(1), pages 117-143, February.
  46. Kärkkäinen, Samu & Silvo, Aino, 2023. "Household debt, liquidity constraints and the interest rate elasticity of private consumption," BoF Economics Review 2/2023, Bank of Finland.
  47. Giacomo Rella, 2021. "The Fed, housing and household debt over time," Department of Economics University of Siena 850, Department of Economics, University of Siena.
  48. Robert Adamek & Stephan Smeekes & Ines Wilms, 2024. "Local projection inference in high dimensions," The Econometrics Journal, Royal Economic Society, vol. 27(3), pages 323-342.
  49. Francesca Caselli & Mr. Philippe Wingender, 2018. "Bunching at 3 Percent: The Maastricht Fiscal Criterion and Government Deficits," IMF Working Papers 2018/182, International Monetary Fund.
  50. Shirota, Toyoichiro, 2018. "Evaluating the Unconventional Monetary Policy in Stock Markets : A Semi-parametric Approach," Discussion paper series. A 322, Graduate School of Economics and Business Administration, Hokkaido University.
  51. Davide Debortoli & Mario Forni & Luca Gambetti & Luca Sala, 2020. "Asymmetric Effects of Monetary Policy Easing and Tightening," Working Papers 1205, Barcelona School of Economics.
  52. Oscar Jorda & Alan Taylor & Sanjay Singh, 2019. "The Long-Run Effects of Monetary Policy," 2019 Meeting Papers 1307, Society for Economic Dynamics.
  53. Leonardo Nogueira Ferreira, 2023. "Monetary Policy Surprises, Financial Conditions, and the String Theory Revisited," Working Papers Series 573, Central Bank of Brazil, Research Department.
  54. Alessio Anzuini & Luca Rossi, 2022. "Unconventional monetary policies and expectations on economic variables," Empirical Economics, Springer, vol. 63(6), pages 3027-3043, December.
  55. Viral V Acharya & Lea Borchert & Maximilian Jager & Sascha Steffen, 2021. "Kicking the Can Down the Road: Government Interventions in the European Banking Sector," The Review of Financial Studies, Society for Financial Studies, vol. 34(9), pages 4090-4131.
  56. Malherbe, Frédéric & Bahaj, Saleem, 2016. "A positive analysis of bank behaviour under capital requirements," CEPR Discussion Papers 11607, C.E.P.R. Discussion Papers.
  57. Roben Kloosterman & Dennis Bonam & Koen van der Veer, 2022. "The effects of monetary policy across fiscal regimes," Working Papers 755, DNB.
  58. Bruns, Martin & Lütkepohl, Helmut, 2022. "Comparison of local projection estimators for proxy vector autoregressions," Journal of Economic Dynamics and Control, Elsevier, vol. 134(C).
  59. Mistak, Jakub & Ozkan, F. Gulcin, 2024. "Asymmetric monetary policy spillovers: the role of supply chains, credit networks and fear of floating," Working Paper Series 2995, European Central Bank.
  60. Kristin Forbes & Marcel Fratzscher & Roland Straub, 2013. "Capital Controls and Macroprudential Measures: What Are They Good For?," Discussion Papers of DIW Berlin 1343, DIW Berlin, German Institute for Economic Research.
  61. Silvana Tenreyro & Tiloka de Silva, 2021. "Climate-Change Pledges, Actions and Outcomes," Discussion Papers 2118, Centre for Macroeconomics (CFM).
  62. Kim, Youngju & Lim, Hyunjoon, 2020. "Transmission of monetary policy in times of high household debt," Journal of Macroeconomics, Elsevier, vol. 63(C).
  63. Antonis Adam & Sofia Tsarsitalidou, 2019. "Do sanctions lead to a decline in civil liberties?," Public Choice, Springer, vol. 180(3), pages 191-215, September.
  64. Endong Wang, 2024. "Structural counterfactual analysis in macroeconomics: theory and inference," Papers 2409.09577, arXiv.org.
  65. Emanuel Kohlscheen & Aaron Mehrotra & Dubravko Mihaljek, 2020. "Residential Investment and Economic Activity: Evidence from the Past Five Decades," International Journal of Central Banking, International Journal of Central Banking, vol. 16(6), pages 287-329, December.
  66. Antonis Adam & Sofia Tsarsitalidou, 2024. "Be my guest: the effect of foreign policy visits to the USA on FDI," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 160(2), pages 455-480, May.
  67. Pontines, Victor, 2018. "Self-selection and treatment effects: Revisiting the effectiveness of foreign exchange intervention," Journal of Macroeconomics, Elsevier, vol. 57(C), pages 299-316.
  68. Gardner, Ben & Scotti, Chiara & Vega, Clara, 2022. "Words speak as loudly as actions: Central bank communication and the response of equity prices to macroeconomic announcements," Journal of Econometrics, Elsevier, vol. 231(2), pages 387-409.
  69. Jalan, Akanksha & Matkovskyy, Roman & Urquhart, Andrew, 2022. "Demand elasticities of Bitcoin and Ethereum," Economics Letters, Elsevier, vol. 220(C).
  70. Bennett Schmanski & Chiara Scotti & Clara Vega, 2023. "Fed Communication, News, Twitter, and Echo Chambers," Finance and Economics Discussion Series 2023-036, Board of Governors of the Federal Reserve System (U.S.).
  71. Daron Acemoglu & Suresh Naidu & Pascual Restrepo & James A. Robinson, 2019. "Democracy Does Cause Growth," Journal of Political Economy, University of Chicago Press, vol. 127(1), pages 47-100.
  72. Banerjee, Ryan & Zampolli, Fabrizio, 2019. "What drives the short-run costs of fiscal consolidation? Evidence from OECD countries," Economic Modelling, Elsevier, vol. 82(C), pages 420-436.
  73. Kuvshinov, Dmitry & Zimmermann, Kaspar, 2016. "Sovereigns going bust: estimating the cost of default," Bonn Econ Discussion Papers 01/2016, University of Bonn, Bonn Graduate School of Economics (BGSE).
  74. Jongrim Ha, 2020. "Nonlinear transmission of U.S. monetary policy shocks to international financial markets," International Finance, Wiley Blackwell, vol. 23(3), pages 350-369, December.
  75. repec:spo:wpmain:info:hdl:2441/74362fq3f99s299n07e84dlcib is not listed on IDEAS
  76. Zeqin Liu & Zongwu Cai & Ying Fang & Ming Lin, 2019. "Statistical Analysis and Evaluation of Macroeconomic Policies: A Selective Review," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 201904, University of Kansas, Department of Economics, revised Mar 2019.
  77. Hoda Youssef & Ibrahim Elbadawi & Raimundo Soto, 2018. "Sovereign Wealth Funds and Macroeconomic Stabilization in the Home Economy," Working Papers 1175, Economic Research Forum, revised 29 Mar 2008.
  78. Bunce, Alan & Carrillo-Maldonado, Paul, 2023. "Asymmetric effect of the oil price in the ecuadorian economy," Energy Economics, Elsevier, vol. 124(C).
  79. Zongwu Cai & Ying Fang & Ming Lin & Shengfang Tang, 2020. "Testing Unconfoundedness Assumption Using Auxiliary Variables," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 202004, University of Kansas, Department of Economics, revised Feb 2020.
  80. Nick Stenner, 2022. "The Asymmetric Effects of Monetary Policy: Evidence from the United Kingdom," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 84(3), pages 516-543, June.
  81. Ashesh Rambachan & Neil Shephard, 2019. "Econometric analysis of potential outcomes time series: instruments, shocks, linearity and the causal response function," Papers 1903.01637, arXiv.org, revised Feb 2020.
  82. Antonis Adam & Evi Tsavou, 2024. "Assessing the effect of international terrorism on civil liberties using a potential outcomes framework," Public Choice, Springer, vol. 200(1), pages 201-236, July.
  83. repec:hal:spmain:info:hdl:2441/5buvtkmlk091prrdje4a0tbkla is not listed on IDEAS
  84. Kristin J Forbes & Michael W Klein, 2015. "Pick Your Poison: The Choices and Consequences of Policy Responses to Crises," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 63(1), pages 197-237, May.
  85. Antonis Adam & Sofia Tsarsitalidou, 2023. "Serving two masters: the effect of state religion on fiscal capacity," Public Choice, Springer, vol. 194(1), pages 181-203, January.
  86. Moritz Schularick & Ilhyock Shim, 2017. "Household credit in Asia-Pacific," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial systems and the real economy, volume 91, pages 129-144, Bank for International Settlements.
  87. Leonardo Marinho, 2022. "Causal Impulse Responses for Time Series," Working Papers Series 570, Central Bank of Brazil, Research Department.
  88. Régis Barnichon & Christian Matthes, 2014. "Gaussian Mixture Approximations of Impulse Responses and the Nonlinear Effects of Monetary Shocks," Working Paper 16-8, Federal Reserve Bank of Richmond.
  89. Christian Matthes & Regis Barnichon, 2015. "Measuring the Non-Linear Effects of Monetary Policy," 2015 Meeting Papers 49, Society for Economic Dynamics.
  90. Toru Kitagawa & Weining Wang & Mengshan Xu, 2022. "Policy Choice in Time Series by Empirical Welfare Maximization," Papers 2205.03970, arXiv.org, revised Dec 2024.
  91. Jiang, Lunan & Chen, Yinghui & Zhang, Lin, 2024. "Monetary policy shocks and firm investment decisions: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  92. Bareille, François & Wolfersberger, Julien & Zavalloni, Matteo, 2023. "Institutions and conservation: The case of protected areas," Journal of Environmental Economics and Management, Elsevier, vol. 118(C).
  93. Kaixing Huang, 2024. "Fertility and long‐term economic growth," Economic Inquiry, Western Economic Association International, vol. 62(3), pages 1152-1171, July.
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  95. Miescu, Mirela & Mumtaz, Haroon & Theodoridis, Konstantinos, 2024. "Non-linear Dynamics of Oil Supply News Shocks," Cardiff Economics Working Papers E2024/18, Cardiff University, Cardiff Business School, Economics Section.
  96. Matthias Neuenkirch, 2020. "An Unconventional Approach to Evaluate the Bank of England’s Asset Purchase Program," Open Economies Review, Springer, vol. 31(1), pages 79-94, February.
  97. Fergus Cumming & Paul Hubert, 2019. "The Role of Households' Borrowing Constraints in the Transmission of Monetary Policy This paper investigates how the transmission of monetary policy to the real economy depends on the distribution of ," Documents de Travail de l'OFCE 2019-20, Observatoire Francais des Conjonctures Economiques (OFCE).
  98. Ying Fang & Ming Lin & Shengfang Tang & Zongwu Cai, 2021. "Testing Conditional Independence in Macroeconomic Policy Evaluation for Time Series Data," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 202118, University of Kansas, Department of Economics, revised Sep 2021.
  99. Hauzenberger, Niko & Pfarrhofer, Michael & Stelzer, Anna, 2021. "On the effectiveness of the European Central Bank’s conventional and unconventional policies under uncertainty," Journal of Economic Behavior & Organization, Elsevier, vol. 191(C), pages 822-845.
  100. Luca Metelli & Filippo Natoli & Luca Rossi, 2020. "Monetary policy gradualism and the nonlinear effects of monetary shocks," Temi di discussione (Economic working papers) 1275, Bank of Italy, Economic Research and International Relations Area.
  101. Stockwell, Thomas, 2023. "Should models of monetary policy asymmetry include interaction terms?," The Journal of Economic Asymmetries, Elsevier, vol. 27(C).
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  103. Cafora, Alfonso & Romano, Antonio Angelo & Ronghi, Monica & Giuseppe, Scandurra, 2017. "Substituting fossil energy sources: the role of the climate funds and effects on the economic growth," MPRA Paper 82373, University Library of Munich, Germany.
  104. Shirota, Toyoichiro, 2023. "State-dependent effects of the unconventional monetary policy in stock markets," Japan and the World Economy, Elsevier, vol. 67(C).
  105. Enrico Wegner & Lenard Lieb & Stephan Smeekes & Ines Wilms, 2024. "Transmission Channel Analysis in Dynamic Models," Papers 2405.18987, arXiv.org, revised Jul 2024.
  106. De Santis, Roberto A. & Tornese, Tommaso, 2024. "US monetary policy is more powerful in low economic growth regimes," Working Paper Series 2919, European Central Bank.
  107. Pontines, Victor & Luvsannyam, Davaajargal & Atarbaatar, Enkhjin & Munkhtsetseg, Ulziikhutag, 2021. "The effectiveness of currency intervention: Evidence from Mongolia," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
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