Replication data for: The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom

Patrick Hürtgen & James Cloyne
This paper estimates the effects of monetary policy based on a new, extensive real-time dataset for the United Kingdom. Employing the Romer-Romer identification approach we construct a new measure of monetary policy innovations and find that a 1 percentage point increase in the policy rate reduces output by 0.6 percent and inflation by up to 1 percentage point after 2 to 3 years. Our use of forecast data is shown to be crucial and that...
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