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The effects of quasi-random monetary experiments

Òscar Jordà, Moritz Schularick, Alan M. Taylor

NBER Working Paper No. 23074
Issued in January 2017, Revised in June 2018

---- Acknowledgments ----

Previously circulated as "Large and State-Dependent Effects of Quasi-Random Monetary Experiments." Comments and suggestions from James Cloyne, Julian di Giovanni, Gernot Müller, Ricardo Reis, and Jón Steinsson have helped improve the paper. We are grateful to Helen Irvin for outstanding research assistance. We thank James Cloyne and Patrick Hürtgen for sharing their data with us. Seminar and conference participants at Ohio State University, the Board of Governors of the Federal Reserve, the Federal Reserve Bank of Chicago, the Federal Reserve Bank of San Francisco, the Federal Reserve Bank of Cleveland, the Fourth CEPR Economic History Symposium, De Nederlandsche Bank, the Bank of England, the 23rd Dubrovnik Economic Conference, the 7th Joint Bank of Canada and European Central Bank Conference, the NBER Impulse and Propagation Mechanisms meeting, and the NBER Monetary Economics meeting provided useful feedback. All errors are ours. Generous support from the Institute for New Economic Thinking, the Bundesministerium für Bildung und Forschung (BMBF), and the Volkswagen Foundation supported different parts of the data collection and analysis effort. We are grateful for their support. The views expressed in this paper are the sole responsibility of the authors and do not necessarily reflect the views of the Federal Reserve Bank of San Francisco, the Federal Reserve System, or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Alan M. Taylor ----

Alan M. Taylor has served as an author, consultant, or speaker for various research organizations, policy making institutions, and financial sector firms.

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