A Model of Monetary Policy Shocks for Financial Crises and Normal Conditions
使用广义货币总量来估计2008年前后货币政策冲击的效果，发现该方法能避免价格、产出和流动性谜题，并准确反映美联储资产购买计划的变化。
Abstract Deteriorating economic conditions in late 2008 led the Federal Reserve to lower the target federal funds rate to near zero, inject liquidity through novel facilities, and engage in large‐scale asset purchases. The combination of conventional and unconventional policy measures prevents using the effective federal funds rate to assess the effects of monetary policy beyond 2008. We employ a broad monetary aggregate to elicit the effects of monetary policy shocks both before and after 2008. Our estimates align well with major changes in the Fed's asset purchase programs and yield responses that are free from price, output, and liquidity puzzles that plague other approaches.