New evidence on the puzzles : Results from agnostic identi fi cation on monetary policy and exchange rates ☆

  title={New evidence on the puzzles : Results from agnostic identi fi cation on monetary policy and exchange rates ☆},
  author={Almuth Scholl and Harald Uhlig},
Article history: Received 19 June 2006 Received in revised form 30 November 2007 Accepted 13 February 2008 Past empirical research on monetary policy in open economies has found evidence of the ‘delayed overshooting puzzle’ and the ‘forward discount puzzle’. We revisit the effects of monetary policy on exchange rates by applying Uhlig's [Uhlig, H., 2005a. What are the effects of monetary policy on output? Results from an agnostic identification procedure. Journal of Monetary Economics 52(2… CONTINUE READING
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