Monetary Policy Surprises, Credit Costs and Economic Activity

Mark Gertler, Peter Karadi

NBER Working Paper No. 20224
Issued in June 2014

---- Acknowledgments ----

Prepared for the NBER conference on "Lessons From the Crisis for Monetary Policy," October 18,19 in Boston. We are grateful to Claudio Schioppa for his excellent research assistance, to Refet Gurkaynak for sharing his data, to an anonymous referee and to Gianni Amisano, Karel Mertens, Giorgio Primiceri, Eric Swanson for helpful discussions. The views expressed are those of the authors and do not necessarily reflect the views of the ECB, the Eurosystem, or the National Bureau of Economic Research.

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