{"id":"https://openalex.org/W3123328112","doi":"https://doi.org/10.17016/feds.2019.043","title":"A Unified Measure of Fed Monetary Policy Shocks","display_name":"A Unified Measure of Fed Monetary Policy Shocks","publication_year":2019,"publication_date":"2019-06-01","ids":{"openalex":"https://openalex.org/W3123328112","doi":"https://doi.org/10.17016/feds.2019.043","mag":"3123328112"},"language":"en","primary_location":{"id":"doi:10.17016/feds.2019.043","doi":"https://doi.org/10.17016/feds.2019.043","is_oa":true,"landing_page_url":"https://doi.org/10.17016/feds.2019.043","pdf_url":null,"source":{"id":"https://openalex.org/S4210212089","display_name":"Finance and Economics Discussion Series","issn_l":"1936-2854","issn":["1936-2854","2767-3898"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance and Economics Discussion Series","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.17016/feds.2019.043","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5067263529","display_name":"Chunya Bu","orcid":"https://orcid.org/0000-0003-1922-4429","observed_orcids":["https://orcid.org/0000-0003-1922-4429"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Chunya Bu","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0003-1922-4429","affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5108685985","display_name":"John Harold Rogers","orcid":"https://orcid.org/0000-0002-1301-4503","observed_orcids":["https://orcid.org/0000-0002-1301-4503"]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I24943067","display_name":"Fudan University","ror":"https://ror.org/013q1eq08","country_code":"CN","type":"education","lineage":["https://openalex.org/I24943067"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["CN","US"],"is_corresponding":false,"raw_author_name":"John Rogers","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)","Fudan University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]},{"raw_affiliation_string":"Fudan University","institution_ids":["https://openalex.org/I24943067"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5100554006","display_name":"Wenbin Wu","orcid":"https://orcid.org/0000-0002-8872-8658","observed_orcids":["https://orcid.org/0000-0002-8872-8658"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Wenbin Wu","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":4.8446,"has_fulltext":false,"cited_by_count":10,"citation_normalized_percentile":{"value":0.95328297,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"2019.0","issue":"43","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/zero-lower-bound","display_name":"zero lower bound","score":0.7170000076293945},{"id":"https://openalex.org/keywords/unconventional-monetary-policy","display_name":"unconventional monetary policy","score":0.8450000286102295},{"id":"https://openalex.org/keywords/interest-rate-instruments","display_name":"interest rate instruments","score":0.6740000247955322},{"id":"https://openalex.org/keywords/monetary-policy-transmission","display_name":"monetary policy transmission","score":0.7369999885559082},{"id":"https://openalex.org/keywords/impulse-response","display_name":"impulse response","score":0.5559999942779541}],"concepts":[{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.7939896583557129},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7898309826850891},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.5617541670799255},{"id":"https://openalex.org/C101104100","wikidata":"https://www.wikidata.org/wiki/Q1063540","display_name":"Heteroscedasticity","level":2,"score":0.5602613687515259},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.5499564409255981},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5293955206871033},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4080231189727783},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.3814672827720642},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.17016/feds.2019.043","doi":"https://doi.org/10.17016/feds.2019.043","is_oa":true,"landing_page_url":"https://doi.org/10.17016/feds.2019.043","pdf_url":null,"source":{"id":"https://openalex.org/S4210212089","display_name":"Finance and Economics Discussion Series","issn_l":"1936-2854","issn":["1936-2854","2767-3898"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance and Economics Discussion Series","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.17016/feds.2019.043","doi":"https://doi.org/10.17016/feds.2019.043","is_oa":true,"landing_page_url":"https://doi.org/10.17016/feds.2019.043","pdf_url":null,"source":{"id":"https://openalex.org/S4210212089","display_name":"Finance and Economics Discussion Series","issn_l":"1936-2854","issn":["1936-2854","2767-3898"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance and Economics Discussion Series","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":31,"referenced_works":["https://openalex.org/W20683381","https://openalex.org/W1577018397","https://openalex.org/W1977168372","https://openalex.org/W2020958936","https://openalex.org/W2029268082","https://openalex.org/W2031079334","https://openalex.org/W2067094520","https://openalex.org/W2104795328","https://openalex.org/W2110337991","https://openalex.org/W2114597179","https://openalex.org/W2129023625","https://openalex.org/W2133062202","https://openalex.org/W2135860498","https://openalex.org/W2158366624","https://openalex.org/W2474792385","https://openalex.org/W2553269777","https://openalex.org/W2605537144","https://openalex.org/W2741371467","https://openalex.org/W2791959148","https://openalex.org/W2891825989","https://openalex.org/W2899520479","https://openalex.org/W3121466339","https://openalex.org/W3121886650","https://openalex.org/W3122591180","https://openalex.org/W3124933125","https://openalex.org/W3125065221","https://openalex.org/W3125175487","https://openalex.org/W3125912523","https://openalex.org/W3125950889","https://openalex.org/W3168562685","https://openalex.org/W3173833890"],"related_works":["https://openalex.org/W3038331739","https://openalex.org/W7110524723","https://openalex.org/W3121053386","https://openalex.org/W7047823123","https://openalex.org/W3093700200","https://openalex.org/W7128432157","https://openalex.org/W3125175487","https://openalex.org/W4396664841","https://openalex.org/W4398202920","https://openalex.org/W4408522609"],"abstract_inverted_index":{"Identification":[0],"of":[1,10,22,54,63,108,119,130,135,187,197,204,216,219],"Fed":[2],"monetary":[3,46,166,220],"policy":[4,47,167],"shocks":[5,77,164,181],"is":[6,60],"complex,":[7],"in":[8,112,140,151],"light":[9],"the":[11,19,64,76,98,109,117,131,152,155,161,189,217],"distinct":[12],"policymaking":[13,58],"regimes":[14],"before,":[15],"during,":[16],"and":[17,56,59,81,86,88,100,127,199],"after":[18],"ZLB":[20],"period":[21],"December":[23,26],"2008":[24],"to":[25,42,123,160,165,182,207],"2015.":[27],"We":[28,115,144,178],"develop":[29],"a":[30,44],"heteroscedasticity-based":[31],"partial":[32],"least":[33],"squares":[34],"approach,":[35],"combined":[36],"with":[37,75,171],"Fama-MacBeth":[38],"style":[39],"cross-section":[40],"regressions,":[41],"identify":[43],"US":[45],"shock":[48],"series":[49,70,183],"that":[50,154,163,173,180,184],"usefully":[51],"bridges":[52],"periods":[53],"conventional":[55],"unconventional":[57],"effectively":[61],"devoid":[62,186],"central":[65,210],"bank":[66],"information":[67,110,156,190],"effect.":[68],"Our":[69],"has":[71,92],"moderately":[72],"high":[73],"correlation":[74],"identified":[78],"by":[79],"Nakamura":[80],"Steinsson":[82],"(2018),":[83,85,90],"Swanson":[84],"Jarocinski":[87],"Karadi":[89],"but":[91],"crucially":[93],"important":[94],"differences.":[95],"Following":[96],"both":[97],"Nakamura-Steinsson":[99],"Jarocinski-Karadi":[101],"empirical":[102],"tests,":[103],"we":[104],"find":[105,179],"scant":[106],"evidence":[107,147,203],"effect":[111,157,191],"our":[113,124,128,142],"measure.":[114,143],"attribute":[116],"source":[118],"these":[120],"different":[121],"findings":[122],"econometric":[125],"procedure":[126],"use":[129],"full":[132],"maturity":[133],"spectrum":[134],"interest":[136],"rate":[137],"instrume":[138],"nts":[139],"constructing":[141],"then":[145],"present":[146],"confirming":[148],"an":[149],"hypothesis":[150],"literature":[153],"can":[158],"lead":[159],"result":[162],"have":[168],"transmission":[169],"effects":[170,218],"signs":[172],"differ":[174],"from":[175],"traditional":[176],"theory.":[177],"are":[185],"(embody)":[188],"display":[192],"conventionally-signed":[193],"(perverse)":[194],"impulse":[195],"responses":[196],"output":[198],"inflation.":[200],"This":[201],"provides":[202],"first-order":[205],"importance":[206],"staff":[208],"at":[209],"banks":[211],"undertaking":[212],"quantitative":[213],"theoretical":[214],"modeling":[215],"policy.":[221]},"counts_by_year":[{"year":2023,"cited_by_count":1},{"year":2021,"cited_by_count":5},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2021-02-01T00:00:00"}