A New Measure of Monetary Shocks: Derivation and Implications
Has this study been replicated?
The atlas records 1 reproduction of this study. Recorded outcomes: 1 mixed.
Reproductions
- Are the Effects of Monetary Policy Shocks Big or Small?, Coibion (2011). Outcome recorded: computation not checked, robustness challenges.
Robustness: First, unanticipated monetary policy contractions in a VAR are associated with smaller and less persistent increases in interest rates than equivalent innovations from the R&R methodology: adjusting for the size of the contractionary impetus in interest rates eliminates much of the quantitative differences in the impulse responses across methods.
Read from Robustness: full text. View paper
Cite this record
Romer, C. D., & Romer, D. H. (2004). A New Measure of Monetary Shocks: Derivation and Implications. American Economic Review, 94(4), 1055–1084. https://doi.org/10.1257/0002828042002651
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