Essays in applied macroeconomics: dynamic effects of monetary and financial shocks

Thesis

In Chapter 1, I analyse how the response of the United Kingdom (UK) economy to monetary policy shocks depends on the state of the economy, or the sign or size of the shock. Monetary policy shocks are identified by extending the Cloyne and Hurtgen (2016) approach to allow for time-variation in the central bank reaction function. Crucially, this extension results in a shock series that distinguishes between variations in the reaction function (for example, as a result of evolving monetary po...

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Authors: Stenner, N

• DOI: 10.5287/ora-xqnyk9vvr
• Type of award: DPhil
• Level of award: Doctoral
• Awarding institution: University of Oxford
• Language: English
• Keywords: monetary economics; applied macroeconomics
• Subjects: macroeconomics; economics