The Main Monetary Policy Shock -- by Christoph Boehm, Husang Kim, T. Niklas Kroner

We thank Olivier Coibion, Thomas Drechsel, Lutz Kilian, Karel Mertens, Emi Nakamura, Alexander Richter, and Jon Steinsson, as well as seminar participants at the Dallas Fed for helpful comments. We also thank Hyungjin Kim for excellent research assistance. The views expressed are those of the authors and do not necessarily reflect those of the Federal Reserve Board, the Federal Reserve System, the University of Texas at Austin, or the National Bureau of Economic Research.