Effects of unanticipated monetary policy shocks on monetary policy uncertainty
Effects of unanticipated monetary policy shocks on monetary policy uncertainty
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DOI：
10.1016/j.frl.2021.102326
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发表时间：
2021-07
影响因子：
10.4
通讯作者：
Yoshito Funashima
中科院分区：
文献类型：
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作者：
Yoshito Funashima
本文研究了意外的货币政策冲击如何影响货币政策的不确定性。为此，我们使用叙事方法和平滑局部投影方法。研究发现，货币宽松冲击会增加货币政策的不确定性，而货币紧缩冲击对不确定性影响不显着。鉴于货币政策的不确定性对经济活动产生负面影响，我们的研究结果揭示了令人惊讶的货币宽松带来的新的不利影响。
This paper examines how unanticipated monetary policy shocks impact monetary policy uncertainty. For this, we use the narrative approach and smooth local projection method. Monetary easing shocks are found to increase monetary policy uncertainty, while monetary tightening shocks have insignificant effects on the uncertainty. Given that monetary policy uncertainty has negative effects on economic activity, our findings reveal a new adverse effect of surprising monetary easing.