This paper reviews recent research that grapples with the question: What happens
after an exogenous shock to monetary policy? We argue that this question is interesting
because it lies at the center of a particular approach to assessing the empirical
plausibility of structural economic models that can be used to think about systematic
changes in monetary policy institutions and rules. The literature has not yet converged
on a particular set of assumptions for identifying the effects of an exogenous shock
to monetary policy. Nevertheless, there is considerable agreement about the qualitative
effects of a monetary policy shock in the sense that inference is robust across a
large subset of the identification schemes that have been considered in the literature.
We document the nature of this agreement as it pertains to key economic aggregates.
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