[with Refet Gürkaynak and Mahmut İpek] We identify monetary policy shocks by the People’s Bank of China (PBoC) using high-frequency intraday movements in copper futures traded on the London Metal Exchange. Leveraging the strong link between copper prices and Chinese economic activity, we construct a novel market-based measure of unexpected monetary policy news around PBoC announcements. An event-study framework quantifies the immediate market response, while a structural VA

Formed in the aftermath of the Franc Zone, the West African Economic and Monetary Union offers a rare setting to examine monetary transmission in an understudied corner of the Trilemma -- operating under a hard peg to the euro and binding capital controls. This study analyses how domestic monetary shocks propagate internally and how the WAEMU is affected by external spillovers from the European Central Bank and the Federal Reserve. Using monthly national data and bilateral VA

Two explanations exist for the output and price puzzles arising from the identification of monetary policy shocks with high-frequency...

[ CEPR wp ] with E. Savini and A. Tuteja This study examines high-frequency market responses to ECB policy announcements, providing...

We study the impact of foreign exchange interventions during periods of tight credit constraints. Expanding on the Gabaix and Maggiori...

This study investigates the business cycle dynamics of the U.S. economy since 1900 through a multivariate framework that imposes minimal...