Appendix: List of studies included in the meta-analysis dataset (after excluding papers with quality concerns)
The studies below are those retained in the final dataset after applying the full screening procedure, the inclusion and exclusion criteria, and the quality checks described in the paper.
- Abdulraheem, Maytham (2020). The Macroeconomics of Housing in the US. North Carolina State University.
- Abildgren, Kim (2012). “Business cycles and shocks to financial stability: empirical evidence from a new set of Danish quarterly national accounts 1948–2010”. In: Scandinavian Economic History Review 60.1, pp. 50–78.
- Abramov, Vladislav, Konstantin Styrin, and Alexander Tishin (2022). Monetary Policy and the Yield Curve. Tech. rep. Bank of Russia.
- Ahmed, Rashad, Claudio Borio, Piti Disyatat, and Boris Hofmann (2021). Losing traction? The real effects of monetary policy when interest rates are low. Tech. rep. Bank for International Settlements.
- Aikman, David, Andreas Lehnert, Nellie Liang, and Michele Modugno (2016). “Financial vulnerabilities, macroeconomic dynamics, and monetary policy”. In: Macroeconomic Dynamics, and Monetary Policy. FEDS Working Paper 2016-55.
- Alam, Mohammed and Rubayat Chowdhury (2017). “The effectiveness of monetary policy in Bangladesh: a VAR approach”. In: BBTA Journal: Thoughts on Banking and Finance 6.2, pp. 29–41.
- Albert, Juan Francisco, Antonio Peñalver, and Alberto Pérez-Bernabeu (2020). “The effects of monetary policy on income and wealth inequality in the US Exploring dif-ferent channels”. In: Structural Change and Economic Dynamics 55, pp. 88–106.
- Almgren, Mattias, José-Elías Gallegos, John Kramer, and Ricardo Lima (2022). “Monetary policy and liquidity constraints: Evidence from the euro area”. In: American Economic Journal: Macroeconomics 14.4, pp. 309–340.
- Alpanda, Sami, Eleonora Granziera, and Sarah Zubairy (2021b). “State dependence of monetary policy across business, credit and interest rate cycles”. In: European Economic Review 140, p. 103936.
- Alpanda, Sami and Sarah Zubairy (2019b). “Household debt overhang and transmission of monetary policy”. In: Journal of Money, Credit and Banking 51.5, pp. 1265–1307.
- Amberg, Niklas, Thomas Jansson, Mathias Klein, and Anna Rogantini Picco (2022b). “Five facts about the distributional income effects of monetary policy shocks”. In: American Economic Review: Insights 4.3, pp. 289–304.
- Amir-Ahmadi, Pooyan and Harald Uhlig (2015). Sign restrictions in Bayesian FAVARs with an application to monetary policy shocks. Tech. rep. National Bureau of Economic Research.
- Amisano, Gianni and Oreste Tristani (2010). “Euro area inflation persistence in an estimated nonlinear DSGE model”. In: Journal of Economic Dynamics and Control 34.10, pp. 1837–1858.
- Anagnostou, Ageliki and Stephanos Papadamou (2016). “Regional asymmetries in monetary policy transmission: The case of the Greek regions”. In: Environment and Planning C: Government and Policy 34.5, pp. 795–815.
- Andersen, Asger Lau, Niels Johannesen, Mia Jørgensen, and José-Luis Peydró (2023). “Monetary policy and inequality”. In: The Journal of Finance 78.5, pp. 2945–2989.
- Angrist, Joshua, Òscar Jordà, and Guido Kuersteiner (2018). “Semiparametric estimates of monetary policy effects: string theory revisited”. In: Journal of Business & Economic Statistics 36.3, pp. 371–387.
- Antolín-Díaz, Juan and Juan Rubio-Ramírez (2018). “Narrative sign restrictions for SVARs”. In: American Economic Review 108.10, pp. 2802–2829.
- Anttila, Juho (2018). Measuring the effects of conventional and unconventional monetary policy in the euro area. 12/2018. Bank of Finland Research Discussion Papers.
- Anzuini, Alessio and Aviram Levy (2007). “Monetary policy shocks in the new EU members: A VAR approach”. In: Applied Economics 39.9, pp. 1147–1161.
- Anzuini, Alessio, Marco Lombardi, and Patrizio Pagano (2013). “The impact of monetary policy shocks on commodity prices”. In: International Journal of Central Banking 9.3, pp. 125–150.
- Arestis, Philip, Georgios Chortareas, and John Tsoukalas (2010). “Money and Information in a New Neoclassical Synthesis Framework”. In: The Economic Journal 120.542, F101–F128.
- Arias, Jonas, Dario Caldara, and Juan Rubio-Ramírez (2019b). “The systematic component of monetary policy in SVARs: An agnostic identification procedure”. In: Journal of Monetary Economics 101, pp. 1–13.
- Arin, Peren and Sam Jolly (2005). “Trans-Tasman transmission of monetary shocks: Evidence from a VAR approach”. In: Atlantic Economic Journal 33, pp. 267–283.
- Aruoba, Borağan and Thomas Drechsel (2024). Identifying monetary policy shocks: A natural language approach. Tech. rep. National Bureau of Economic Research.
- Assenmacher-Wesche, Katrin and Stefan Gerlach (2008a). Ensuring financial stability: financial structure and the impact of monetary policy on asset prices. Tech. rep. IMFS Working Paper Series.
- — (2008b). Monetary policy, asset prices and macroeconomic conditions: a panel-VAR study. Tech. rep. NBB Working Paper.
- Auclert, Adrien, Matthew Rognlie, and Ludwig Straub (2020b). Micro jumps, macro humps: Monetary policy and business cycles in an estimated HANK model. Tech. rep. National Bureau of Economic Research.
- Auer, Simone (2019a). “Monetary policy shocks and foreign investment income: Evidence from a large Bayesian VAR”. In: Journal of International Money and Finance 93, pp. 142–166.
- Bacchiocchi, Emanuele and Luca Fanelli (2015). “Identification in Structural Vector Autoregressive models with structural changes, with an application to US monetary policy”. In: Oxford bulletin of economics and statistics 77.6, pp. 761–779.
- Bachmann, Rüdiger, Isabel Gödl-Hanisch, and Eric Sims (2022). “Identifying monetary policy shocks using the central bank’s information set”. In: Journal of Economic Dynamics and Control 145, p. 104555.
- Badinger, Harald and Stefan Schiman (2023). “Measuring monetary policy in the Euro area using SVARs with residual restrictions”. In: American Economic Journal: Macroeconomics 15.2, pp. 279–305.
- Bagliano, Fabio and Carlo Favero (1999). “Information from financial markets and VAR measures of monetary policy”. In: European economic review 43.4-6, pp. 825–837.
- Bagliano, Fabio, Carlo Favero, and Francesco Franco (1999). Measuring monetary policy in open economies. Vol. 2079. Centre for Economic Policy Research.
- Balcilar, Mehmet, Riza Demirer, Rangan Gupta, and Renee Van Eyden (2017). “The impact of US policy uncertainty on the monetary effectiveness in the Euro area”. In: Journal of Policy Modeling 39.6, pp. 1052–1064.
- Ballabriga, Fernando and Karen Davtyan (2022). “Distributional impact of monetary policy in the UK: from conventional to unconventional policy”. In: Journal of Economic Policy Reform 25.4, pp. 435–450.
- Bańbura, Marta, Domenico Giannone, and Lucrezia Reichlin (2010). “Large Bayesian vector auto regressions”. In: Journal of applied Econometrics 25.1, pp. 71–92.
- Barattieri, Alessandro, Maya Eden, and Dalibor Stevanovic (2019). “Financial sector interconnectedness and monetary policy transmission”. In: Macroeconomic Dynamics 23.3, pp. 1074–1101.
- Barbieri Góes, Maria Cristina and Matteo Deleidi (2022a). “Output determination and autonomous demand multipliers: An empirical investigation for the US economy”. In: Economic Modelling 116, p. 106004.
- Barnett, William A., Soumya Suvra Bhadury, and Taniya Ghosh (2016). “An SVAR approach to evaluation of monetary policy in India: Solution to the exchange rate puzzles in an open economy”. In: Open Economies Review 27, pp. 871–893.
- Barnichon, Regis and Christian Matthes (2018). “Functional approximation of impulse responses”. In: Journal of Monetary Economics 99, pp. 41–55.
- Basistha, Arabinda and Richard Startz (2022). “Monetary shock measurement and stock markets”. In: Journal of Money, Credit and Banking 54.2-3, pp. 685–706.
- Bauer, Gregory and Eleonora Granziera (2017). “Monetary Policy, Private Debt, and Financial Stability Risks”. In: International Journal of Central Banking 13.3, pp. 337–373.
- Bauer, Michael and Eric Swanson (2023b). “A reassessment of monetary policy surprises and high-frequency identification”. In: NBER Macroeconomics Annual 37.1, pp. 87–155.
- Baumann, Ursel, David Lodge, and Mirela Miescu (2019). Global Growth on Life Support? The Contributions of Fiscal and Monetary Policy Since the Global Financial Crisis. Tech. rep. ECB Working Paper.
- Baumeister, Christiane and James D. Hamilton (2018b). “Inference in structural vector autoregressions when the identifying assumptions are not fully believed: Re-evaluating the role of monetary policy in economic fluctuations”. In: Journal of Monetary Economics 100, pp. 48–65.
- Baumeister, Christiane, Philip Liu, and Haroon Mumtaz (2013). “Changes in the effects of monetary policy on disaggregate price dynamics”. In: Journal of Economic Dynamics and Control 37.3, pp. 543–560.
- Beckers, Benjamin (2020). Credit Spreads, Monetary Policy and the Price Puzzle. RBA Research Discussion Papers. Reserve Bank of Australia.
- Bems, Rudolfs, Luca Dedola, and Frank Smets (2007). “US imbalances: The role of technology and policy”. In: Journal of International Money and finance 26.4, pp. 523–545.
- Benati, Luca (2021). “Leaning against house prices: A structural VAR investigation”. In: Journal of Monetary Economics 118, pp. 399–412.
- Benati, Luca and Haroon Mumtaz (2007). US evolving macroeconomic dynamics: a structural investigation. Tech. rep. ECB Working Paper.
- Benecká, Soňa, Ludmila Fadejeva, and Martin Feldkircher (2020). “The impact of euro Area monetary policy on Central and Eastern Europe”. In: Journal of Policy Modeling 42.6, pp. 1310–1333.
- Bennani, Hamza, Jan Pablo Burgard, and Matthias Neuenkirch (2023). “The financial accelerator in the euro area: New evidence using a mixture VAR model”. In: Macroeconomic Dynamics 27.7, pp. 1893–1931.
- Berkelmans, Leon and Leon Berkelmans (2005). Credit and monetary policy: An Australian SVAR. Tech. rep. Reserve Bank of Australia Canberra, ACT.
- Bernanke, Ben, Mark Gertler, Mark Watson, Christopher Sims, and Benjamin Friedman (1997). “Systematic monetary policy and the effects of oil price shocks”. In: Brookings papers on economic activity 1997.1, pp. 91–157.
- Bhuiyan, Rokon (2012a). “Identifying a Forward-looking Monetary Policy in an Open Economy”. In: Economica 79.315, pp. 576–599.
- Bhuiyan, Rokon (2012b). “Monetary transmission mechanisms in a small open economy: a Bayesian structural VAR approach”. In: Canadian Journal of Economics/Revue canadienne d’économique 45.3, pp. 1037–1061.
- — (2014). “The Effects of Monetary Policy Shocks in the USA: A Forecast-Augmented VAR Approach”. In: Australian Economic Papers 53.3-4, pp. 139–152.
- Bianchi, Francesco, Haroon Mumtaz, and Paolo Surico (2009). “The great moderation of the term structure of UK interest rates”. In: Journal of Monetary Economics 56.6,pp. 856–871.
- Bianco, Timothy P. (2018). “Three Essays on Credit Markets and the Macroeconomy”. PhD thesis.
- Bils, Mark, Peter Klenow, and Oleksiy Kryvtsov (2003). “Sticky prices and monetary policy shocks”. In: Federal Reserve Bank of Minneapolis Quarterly Review 27.1, pp. 2–9.
- Bjørnland, Hilde C. (2008). “Monetary policy and exchange rate interactions in a small open economy”. In: Scandinavian Journal of Economics 110.1, pp. 197–221.
- — (2009). “Monetary policy and exchange rate overshooting: Dornbusch was right after all”. In: Journal of International Economics 79.1, pp. 64–77.
- Bjørnland, Hilde C. and Dag Henning Jacobsen (2010). “The role of house prices in the monetary policy transmission mechanism in small open economies”. In: Journal of financial stability 6.4, pp. 218–229.
- — (2013). “House prices and stock prices: Different roles in the US monetary transmission mechanism”. In: The Scandinavian Journal of Economics 115.4, pp. 1084–1106.
- Blaes, Barno (2009). Money and monetary policy transmission in the euro area: evidence from FAVAR-and VAR approaches. Tech. rep. Bundesbank Series 1 Discussion Paper.
- Bloor, Chris and Troy Matheson (2010). “Analysing shock transmission in a data-rich environment: a large BVAR for New Zealand”. In: Empirical Economics 39, pp. 537–558.
- Bluedorn, John C. and Christopher Bowdler (2011). “The open economy consequences of US monetary policy”. In: Journal of International Money and Finance 30.2, pp. 309–336.
- Bluwstein, Kristina and Fabio Canova (2018). “Beggar-thy-neighbor? The international effects of ECB unconventional monetary policy measures”. In: 45th issue (September 2016) of the International Journal of Central Banking.
- Böck, Maximilian, Martin Feldkircher, and Pierre L Siklos (2021). “International effects of euro area forward guidance”. In: Oxford Bulletin of Economics and Statistics 83.5, pp. 1066–1110.
- Boivin, Jean and Marc Giannoni (2008). Global forces and monetary policy effectiveness. Tech. rep. National Bureau of Economic Research.
- Boivin, Jean, Marc Giannoni, and Benoît Mojon (2008). How has the Euro changed the monetary transmission? Tech. rep. National Bureau of Economic Research.
- Boivin, Jean, Michael T. Kiley, and Frederic S. Mishkin (2010b). “How has the monetary transmission mechanism evolved over time?” In: Handbook of monetary economics. Vol. 3. Elsevier, pp. 369–422.
- Bonci, Riccardo (2011). “The effects of monetary policy in the euro area: first results from the flow of funds”. In: The Financial Systems of Industrial Countries: Evidence from Financial Accounts. Springer, pp. 217–247.
- Bonci, Riccardo and Francesco Columba (2008). “Monetary policy effects: new evidence from the Italian flow-of-funds”. In: Applied Economics 40.21, pp. 2803–2818.
- Borrallo Egea, Fructuoso and Luis Ángel Hierro (2019). “Transmission of monetary policy in the US and EU in times of expansion and crisis”. In: Journal of Policy Modeling 41.4, pp. 763–783.
- Bouakez, Hafedh, Badye Essid, and Michel Normandin (2013). “Stock returns and monetary policy: Are there any ties?” In: Journal of Macroeconomics 36, pp. 33–50.
- Braun, Robin and Ralf Brüggemann (2023). “Identification of SVAR models by combining sign restrictions with external instruments”. In: Journal of Business & Economic Statistics 41.4, pp. 1077–1089.
- Bredin, Don and Gerard O’Reilly (2004). “An analysis of the transmission mechanism of monetary policy in Ireland”. In: Applied Economics 36.1, pp. 49–58.
- Brischetto, Andrea and Graham Voss (1999). A structural vector autoregression model of monetary policy in Australia. Reserve Bank of Australia Sydney, NSW.
- Brubakk, Leif, Saskia Ter Ellen, Ørjan Robstad, and Hong Xu (2022). “The macroeconomic effects of forward communication”. In: Journal of International Money and Finance 120, p. 102536.
- Brunner, Allan D. (2000). “On the derivation of monetary policy shocks: should we throw the VAR out with the bath water?” In: Journal of Money, Credit and Banking, pp. 254–279.
- Bruns, Martin and Michele Piffer (2023). “A new posterior sampler for Bayesian structural vector autoregressive models”. In: Quantitative Economics 14.4, pp. 1221–1250.
- Bu, Chunya, John H. Rogers, and Wenbin Wu (2020). Forward-looking monetary policy and the transmission of conventional monetary policy shocks. Tech. rep. FEDS Working Paper.
- Bu, Chunya, John H. Rogers, and Wenbin Wu (2021b). “A unified measure of Fed monetary policy shocks”. In: Journal of Monetary Economics 118, pp. 331–349.
- Buch, Claudia M., Sandra Eickmeier, and Esteban Prieto (2014a). “In search for yield? Survey-based evidence on bank risk taking”. In: Journal of Economic Dynamics and Control 43, pp. 12–30.
- — (2014b). “Macroeconomic Factors and Microlevel Bank Behavior”. In: Journal of Money, Credit and Banking 46.4, pp. 715–751.
- Burgard, Jan Pablo, Matthias Neuenkirch, and Matthias Nöckel (2019). “State-Dependent Transmission of Monetary Policy in the Euro Area”. In: Journal of Money, Credit and Banking 51.7, pp. 2053–2070.
- Burgard, Jan Pablo, Matthias Neuenkirch, and Dennis Umlandt (2023). (Almost) Recursive Identification of Monetary Policy Shocks with Economic Parameter Restrictions. Tech. rep. CESifo Working Paper.
- Cabrales, Carolina Arteaga, Joan Camilo Granados Castro, and Jair Ojeda Joya (2014). “The effect of monetary policy on commodity prices: disentangling the evidence for individual prices”. In: Economics Research International 2014.1, p. 649734.
- Cai, Zongwu and Xiyuan Liu (2021). Solving the Price Puzzle Via A Functional Co-efficient Factor-Augmented VAR Model. Tech. rep. University of Kansas, Department of Economics.
- Caldara, Dario and Edward Herbst (2019a). “Monetary policy, real activity, and credit spreads: Evidence from Bayesian proxy SVARs”. In: American Economic Journal: Macroeconomics 11.1, pp. 157–192.
- Cantelmo, Alessandro and Giovanni Melina (2018). “Monetary policy and the relative price of durable goods”. In: Journal of Economic Dynamics and Control 86, pp. 1–48.
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- Castelnuovo, Efrem (2013). “Monetary policy shocks and financial conditions: A Monte Carlo experiment”. In: Journal of International Money and Finance 32, pp. 282–303.
- — (2016a). “Modest macroeconomic effects of monetary policy shocks during the great moderation: An alternative interpretation”. In: Journal of Macroeconomics 47, pp. 300–314.
- — (2016b). “Monetary policy shocks and Cholesky VARs: an assessment for the Euro area”. In: Empirical Economics 50.2, pp. 383–414.
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- Castelnuovo, Efrem, Giovanni Pellegrino, and Giacomo Ranzato (2022). Delayed overshooting puzzle: Does systematic monetary policy matter? Department of Economics and Management" Marco Fanno", University of Padova.
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