• Corpus ID: 59434801

Macroeconomic responses to an independent monetary policy shock: a (more) agnostic identification procedure

  title={Macroeconomic responses to an independent monetary policy shock: a (more) agnostic identification procedure},
  author={Marco Capasso and Alessio Moneta},
This study investigates the effects of a monetary policy shock on real output and prices, by means of a novel distribution-free nonrecursive identification scheme for structural vector autoregressions. Structural shocks are assumed to be mutually independent. The identification procedure is agnostic in Uhlig[2005]'s sense, since the response of output to a monetary shock is not restricted. Moreover, assuming mutual independence of the shocks allows us to impose no additional constraints derived… 

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