Monetary policy evaluation. A counterfactual analysis based on dynamic factor models

López Buenache, Germán

Publication:
Monetary policy evaluation. A counterfactual analysis based on dynamic factor models

dc.contributor.author	López Buenache, Germán
dc.contributor.department	Métodos Cuantitativos para la Economía y la Empresa
dc.date.accessioned	2023-12-21T08:42:50Z
dc.date.available	2023-12-21T08:42:50Z
dc.date.issued	2017
dc.description	©2017. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/ This document is the Accepted version of a Published Work that appeared in final form in Applied Economics Letters. To access the final edited and published work see https://doi.org/10.1080/13504851.2016.1203053	es
dc.description.abstract	This paper complements the recent literature analysing the effects of the unconventional monetary stimuli applied after the Great Recession by proposing an intuitive and easy to implement method to evaluate different exit strategies towards a traditional monetary context. This approach, useful for central bankers or researchers interested in the effects of tapering, allows us to evaluate the consequences of a given monetary policy path on the future evolution of key macroeconomic indicators. Results based on this methodology provide a measurement of the differences in economic performance under contractionary and expansionary policies and support the recent success of monetary stimuli in boosting real indicators while having little effect on inflation.	es
dc.format	application/pdf	es
dc.format.extent	18	es
dc.identifier.citation	Applied Economics Letters, 24:7, 460-466, 2017
dc.identifier.doi	https://doi.org/10.1080/13504851.2016.1203053
dc.identifier.issn	1350-4851
dc.identifier.issn	1466-4291
dc.identifier.uri	http://hdl.handle.net/10201/136839
dc.language	eng	es
dc.relation	MINECO/FEDER [Grant ECO2015-70331-C2-2-R]	es
dc.relation.publisherversion	https://www.tandfonline.com/eprint/KVDR2uyUARJzXKUSrNvZ/full	es
dc.rights	info:eu-repo/semantics/openAccess	es
dc.rights	Attribution-NonCommercial-NoDerivatives 4.0 Internacional	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/4.0/	*
dc.subject	Monetary policy	es
dc.subject	Quantitative easing	es
dc.subject	Zero lower bound	es
dc.subject	Shadow rate	es
dc.subject	Tapering	es
dc.title	Monetary policy evaluation. A counterfactual analysis based on dynamic factor models	es
dc.type	info:eu-repo/semantics/article	es
dspace.entity.type	Publication	es