CIREQ-McGill Seminar
joint with the Department of Economics, McGill University
Leacock 429 (McGill University, 855 Sherbrooke Street West)
Abstract: The paper examines interacted local projections used to study how shock propagation varies across policy regimes, and characterizes when the estimand can be interpreted as a weighted average of policy shocks. In monetary applications, this “as-if” policy shock can differ from standard measures, often resembling gradual, forward-guidance-type movements in policy rates.
