Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This study compares the effects of monetary policy shocks on the macroeconomy using four different procedures for identifying policy shocks that use contemporaneous restrictions and a procedure that uses long‐run restrictions. Impulse response functions are computed using the same vector autoregressive (VAR) model and sample period. The comparison is done for a model that includes only a short‐term interest rate and for a model that adds a long‐term rate as well. Sources of differences in the magnitude of effects across identification schemes are examined.