Shocks, Structures or Monetary Policies? The Euro Area and US After 2001

Lawrence Christiano, Roberto Motto, Massimo Rostagno

NBER Working Paper No. 13521
Issued in October 2007

---- Acknowledgements -----

This paper expresses the views of the authors and not necessarily those of the European Central Bank. We are grateful for the comments of Matthew Canzonieri, Mark Gertler, Dale Henderson, Klaus Masuch, Philippe Moutot, Frank Smets and an anonymous referee, and for reactions of participants at the conference organized by the International Research Forum on Monetary Policy, Federal Reserve Board of Governors, December 1-2, 2005. We also thank Helen James for editorial assistance. The first author is grateful to the National Science Foundation for financial support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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