id sid tid token lemma pos tt44pk05j9v 1 1 this this DET tt44pk05j9v 1 2 doctoral doctoral ADJ tt44pk05j9v 1 3 dissertation dissertation NOUN tt44pk05j9v 1 4 includes include VERB tt44pk05j9v 1 5 three three NUM tt44pk05j9v 1 6 chapters chapter NOUN tt44pk05j9v 1 7 , , PUNCT tt44pk05j9v 1 8 each each PRON tt44pk05j9v 1 9 with with ADP tt44pk05j9v 1 10 a a DET tt44pk05j9v 1 11 focus focus NOUN tt44pk05j9v 1 12 on on ADP tt44pk05j9v 1 13 the the DET tt44pk05j9v 1 14 interaction interaction NOUN tt44pk05j9v 1 15 of of ADP tt44pk05j9v 1 16 finance finance NOUN tt44pk05j9v 1 17 and and CCONJ tt44pk05j9v 1 18 monetary monetary ADJ tt44pk05j9v 1 19 policy policy NOUN tt44pk05j9v 1 20 in in ADP tt44pk05j9v 1 21 the the DET tt44pk05j9v 1 22 macroeconomy.the macroeconomy.the DET tt44pk05j9v 1 23 2007 2007 NUM tt44pk05j9v 1 24 - - SYM tt44pk05j9v 1 25 2008 2008 NUM tt44pk05j9v 1 26 financial financial ADJ tt44pk05j9v 1 27 crisis crisis NOUN tt44pk05j9v 1 28 brought bring VERB tt44pk05j9v 1 29 about about ADP tt44pk05j9v 1 30 a a DET tt44pk05j9v 1 31 renewed renew VERB tt44pk05j9v 1 32 focus focus NOUN tt44pk05j9v 1 33 on on ADP tt44pk05j9v 1 34 the the DET tt44pk05j9v 1 35 role role NOUN tt44pk05j9v 1 36 of of ADP tt44pk05j9v 1 37 the the DET tt44pk05j9v 1 38 financial financial ADJ tt44pk05j9v 1 39 sector sector NOUN tt44pk05j9v 1 40 in in ADP tt44pk05j9v 1 41 macroeconomic macroeconomic ADJ tt44pk05j9v 1 42 models model NOUN tt44pk05j9v 1 43 . . PUNCT tt44pk05j9v 2 1 chapter chapter NOUN tt44pk05j9v 2 2 1 1 NUM tt44pk05j9v 2 3 investigates investigate VERB tt44pk05j9v 2 4 the the DET tt44pk05j9v 2 5 role role NOUN tt44pk05j9v 2 6 commercial commercial ADJ tt44pk05j9v 2 7 banks bank NOUN tt44pk05j9v 2 8 play play VERB tt44pk05j9v 2 9 in in ADP tt44pk05j9v 2 10 this this DET tt44pk05j9v 2 11 relationship relationship NOUN tt44pk05j9v 2 12 by by ADP tt44pk05j9v 2 13 ( ( PUNCT tt44pk05j9v 2 14 i i NOUN tt44pk05j9v 2 15 ) ) PUNCT tt44pk05j9v 2 16 providing provide VERB tt44pk05j9v 2 17 business business NOUN tt44pk05j9v 2 18 cycle cycle NOUN tt44pk05j9v 2 19 facts fact NOUN tt44pk05j9v 2 20 for for ADP tt44pk05j9v 2 21 commercial commercial ADJ tt44pk05j9v 2 22 bank bank NOUN tt44pk05j9v 2 23 balance balance NOUN tt44pk05j9v 2 24 sheet sheet NOUN tt44pk05j9v 2 25 items item NOUN tt44pk05j9v 2 26 ( ( PUNCT tt44pk05j9v 2 27 quantities quantity NOUN tt44pk05j9v 2 28 ) ) PUNCT tt44pk05j9v 2 29 and and CCONJ tt44pk05j9v 2 30 balance balance NOUN tt44pk05j9v 2 31 sheet sheet NOUN tt44pk05j9v 2 32 shares share NOUN tt44pk05j9v 2 33 ( ( PUNCT tt44pk05j9v 2 34 allocation allocation NOUN tt44pk05j9v 2 35 ) ) PUNCT tt44pk05j9v 2 36 along along ADP tt44pk05j9v 2 37 with with ADP tt44pk05j9v 2 38 standard standard ADJ tt44pk05j9v 2 39 macroeconomic macroeconomic ADJ tt44pk05j9v 2 40 business business NOUN tt44pk05j9v 2 41 cycle cycle NOUN tt44pk05j9v 2 42 facts fact NOUN tt44pk05j9v 2 43 and and CCONJ tt44pk05j9v 2 44 ( ( PUNCT tt44pk05j9v 2 45 ii ii PROPN tt44pk05j9v 2 46 ) ) PUNCT tt44pk05j9v 2 47 characterizing characterize VERB tt44pk05j9v 2 48 commercial commercial ADJ tt44pk05j9v 2 49 bank bank NOUN tt44pk05j9v 2 50 responses response NOUN tt44pk05j9v 2 51 to to ADP tt44pk05j9v 2 52 monetary monetary ADJ tt44pk05j9v 2 53 policy policy NOUN tt44pk05j9v 2 54 shocks shock NOUN tt44pk05j9v 2 55 using use VERB tt44pk05j9v 2 56 local local ADJ tt44pk05j9v 2 57 projection projection NOUN tt44pk05j9v 2 58 methods method NOUN tt44pk05j9v 2 59 . . PUNCT tt44pk05j9v 3 1 a a DET tt44pk05j9v 3 2 key key ADJ tt44pk05j9v 3 3 result result NOUN tt44pk05j9v 3 4 is be AUX tt44pk05j9v 3 5 the the DET tt44pk05j9v 3 6 substitution substitution NOUN tt44pk05j9v 3 7 by by ADP tt44pk05j9v 3 8 commercial commercial ADJ tt44pk05j9v 3 9 banks bank NOUN tt44pk05j9v 3 10 between between ADP tt44pk05j9v 3 11 liability liability NOUN tt44pk05j9v 3 12 types type NOUN tt44pk05j9v 3 13 in in ADP tt44pk05j9v 3 14 response response NOUN tt44pk05j9v 3 15 to to ADP tt44pk05j9v 3 16 monetary monetary ADJ tt44pk05j9v 3 17 policy policy NOUN tt44pk05j9v 3 18 shocks shock NOUN tt44pk05j9v 3 19 . . PUNCT tt44pk05j9v 4 1 this this DET tt44pk05j9v 4 2 liability liability NOUN tt44pk05j9v 4 3 substitution substitution NOUN tt44pk05j9v 4 4 limits limit VERB tt44pk05j9v 4 5 the the DET tt44pk05j9v 4 6 effect effect NOUN tt44pk05j9v 4 7 of of ADP tt44pk05j9v 4 8 monetary monetary ADJ tt44pk05j9v 4 9 policy policy NOUN tt44pk05j9v 4 10 shocks shock NOUN tt44pk05j9v 4 11 on on ADP tt44pk05j9v 4 12 the the DET tt44pk05j9v 4 13 asset asset NOUN tt44pk05j9v 4 14 side side NOUN tt44pk05j9v 4 15 of of ADP tt44pk05j9v 4 16 the the DET tt44pk05j9v 4 17 balance balance NOUN tt44pk05j9v 4 18 sheet sheet NOUN tt44pk05j9v 4 19 , , PUNCT tt44pk05j9v 4 20 thus thus ADV tt44pk05j9v 4 21 limiting limit VERB tt44pk05j9v 4 22 monetary monetary ADJ tt44pk05j9v 4 23 policy policy NOUN tt44pk05j9v 4 24 transmission transmission NOUN tt44pk05j9v 4 25 effects effect NOUN tt44pk05j9v 4 26 on on ADP tt44pk05j9v 4 27 commercial commercial ADJ tt44pk05j9v 4 28 bank bank NOUN tt44pk05j9v 4 29 balance balance NOUN tt44pk05j9v 4 30 sheets sheet NOUN tt44pk05j9v 4 31 . . PUNCT tt44pk05j9v 5 1 this this DET tt44pk05j9v 5 2 mechanism mechanism NOUN tt44pk05j9v 5 3 should should AUX tt44pk05j9v 5 4 be be AUX tt44pk05j9v 5 5 considered consider VERB tt44pk05j9v 5 6 in in ADP tt44pk05j9v 5 7 future future ADJ tt44pk05j9v 5 8 models model NOUN tt44pk05j9v 5 9 of of ADP tt44pk05j9v 5 10 financial financial ADJ tt44pk05j9v 5 11 intermediation intermediation NOUN tt44pk05j9v 5 12 and and CCONJ tt44pk05j9v 5 13 monetary monetary ADJ tt44pk05j9v 5 14 policy policy NOUN tt44pk05j9v 5 15 transmission.financial transmission.financial ADJ tt44pk05j9v 5 16 shocks shock NOUN tt44pk05j9v 5 17 have have AUX tt44pk05j9v 5 18 been be AUX tt44pk05j9v 5 19 shown show VERB tt44pk05j9v 5 20 to to PART tt44pk05j9v 5 21 play play VERB tt44pk05j9v 5 22 a a DET tt44pk05j9v 5 23 large large ADJ tt44pk05j9v 5 24 role role NOUN tt44pk05j9v 5 25 in in ADP tt44pk05j9v 5 26 explaining explain VERB tt44pk05j9v 5 27 endogenous endogenous ADJ tt44pk05j9v 5 28 movements movement NOUN tt44pk05j9v 5 29 of of ADP tt44pk05j9v 5 30 real real ADJ tt44pk05j9v 5 31 variables variable NOUN tt44pk05j9v 5 32 during during ADP tt44pk05j9v 5 33 the the DET tt44pk05j9v 5 34 ` ` PUNCT tt44pk05j9v 5 35 ` ` PUNCT tt44pk05j9v 5 36 great great ADJ tt44pk05j9v 5 37 recession recession NOUN tt44pk05j9v 5 38 " " PUNCT tt44pk05j9v 5 39 . . PUNCT tt44pk05j9v 6 1 chapter chapter NOUN tt44pk05j9v 6 2 2 2 NUM tt44pk05j9v 6 3 considers consider VERB tt44pk05j9v 6 4 a a DET tt44pk05j9v 6 5 monetary monetary ADJ tt44pk05j9v 6 6 model model NOUN tt44pk05j9v 6 7 with with ADP tt44pk05j9v 6 8 an an DET tt44pk05j9v 6 9 exogenous exogenous ADJ tt44pk05j9v 6 10 financial financial ADJ tt44pk05j9v 6 11 shock shock NOUN tt44pk05j9v 6 12 . . PUNCT tt44pk05j9v 7 1 the the DET tt44pk05j9v 7 2 implications implication NOUN tt44pk05j9v 7 3 of of ADP tt44pk05j9v 7 4 the the DET tt44pk05j9v 7 5 presence presence NOUN tt44pk05j9v 7 6 of of ADP tt44pk05j9v 7 7 financial financial ADJ tt44pk05j9v 7 8 shocks shock NOUN tt44pk05j9v 7 9 for for ADP tt44pk05j9v 7 10 optimal optimal ADJ tt44pk05j9v 7 11 monetary monetary ADJ tt44pk05j9v 7 12 policy policy NOUN tt44pk05j9v 7 13 are be AUX tt44pk05j9v 7 14 explored explore VERB tt44pk05j9v 7 15 and and CCONJ tt44pk05j9v 7 16 the the DET tt44pk05j9v 7 17 model model NOUN tt44pk05j9v 7 18 is be AUX tt44pk05j9v 7 19 estimated estimate VERB tt44pk05j9v 7 20 via via ADP tt44pk05j9v 7 21 bayesian bayesian ADJ tt44pk05j9v 7 22 techniques technique NOUN tt44pk05j9v 7 23 . . PUNCT tt44pk05j9v 8 1 i i PRON tt44pk05j9v 8 2 find find VERB tt44pk05j9v 8 3 inflation inflation NOUN tt44pk05j9v 8 4 targeting targeting NOUN tt44pk05j9v 8 5 accomplishes accomplish VERB tt44pk05j9v 8 6 over over ADP tt44pk05j9v 8 7 85\% 85\% NOUN tt44pk05j9v 8 8 of of ADP tt44pk05j9v 8 9 the the DET tt44pk05j9v 8 10 potential potential ADJ tt44pk05j9v 8 11 welfare welfare NOUN tt44pk05j9v 8 12 gains gain NOUN tt44pk05j9v 8 13 of of ADP tt44pk05j9v 8 14 optimal optimal ADJ tt44pk05j9v 8 15 policy policy NOUN tt44pk05j9v 8 16 and and CCONJ tt44pk05j9v 8 17 financial financial ADJ tt44pk05j9v 8 18 shocks shock NOUN tt44pk05j9v 8 19 explain explain VERB tt44pk05j9v 8 20 over over ADP tt44pk05j9v 8 21 20\% 20\% NOUN tt44pk05j9v 8 22 of of ADP tt44pk05j9v 8 23 the the DET tt44pk05j9v 8 24 variation variation NOUN tt44pk05j9v 8 25 in in ADP tt44pk05j9v 8 26 output output NOUN tt44pk05j9v 8 27 in in ADP tt44pk05j9v 8 28 united united PROPN tt44pk05j9v 8 29 states states PROPN tt44pk05j9v 8 30 data datum NOUN tt44pk05j9v 8 31 from from ADP tt44pk05j9v 8 32 1984 1984 NUM tt44pk05j9v 8 33 to to ADP tt44pk05j9v 8 34 2008.chapter 2008.chapter NUM tt44pk05j9v 8 35 3 3 NUM tt44pk05j9v 8 36 is be AUX tt44pk05j9v 8 37 a a DET tt44pk05j9v 8 38 joint joint ADJ tt44pk05j9v 8 39 work work NOUN tt44pk05j9v 8 40 prepared prepare VERB tt44pk05j9v 8 41 with with ADP tt44pk05j9v 8 42 timothy timothy PROPN tt44pk05j9v 8 43 s. s. PROPN tt44pk05j9v 8 44 fuerst fuerst PROPN tt44pk05j9v 8 45 . . PUNCT tt44pk05j9v 9 1 the the DET tt44pk05j9v 9 2 chapter chapter NOUN tt44pk05j9v 9 3 integrates integrate VERB tt44pk05j9v 9 4 two two NUM tt44pk05j9v 9 5 traditional traditional ADJ tt44pk05j9v 9 6 explanations explanation NOUN tt44pk05j9v 9 7 for for ADP tt44pk05j9v 9 8 the the DET tt44pk05j9v 9 9 mean mean NOUN tt44pk05j9v 9 10 and and CCONJ tt44pk05j9v 9 11 variability variability NOUN tt44pk05j9v 9 12 of of ADP tt44pk05j9v 9 13 the the DET tt44pk05j9v 9 14 term term NOUN tt44pk05j9v 9 15 premium premium NOUN tt44pk05j9v 9 16 into into ADP tt44pk05j9v 9 17 a a DET tt44pk05j9v 9 18 medium medium ADJ tt44pk05j9v 9 19 - - PUNCT tt44pk05j9v 9 20 scale scale NOUN tt44pk05j9v 9 21 dsge dsge NOUN tt44pk05j9v 9 22 model model NOUN tt44pk05j9v 9 23 : : PUNCT tt44pk05j9v 9 24 ( ( PUNCT tt44pk05j9v 9 25 i i NOUN tt44pk05j9v 9 26 ) ) PUNCT tt44pk05j9v 9 27 time time NOUN tt44pk05j9v 9 28 varying vary VERB tt44pk05j9v 9 29 risk risk NOUN tt44pk05j9v 9 30 premia premia NOUN tt44pk05j9v 9 31 on on ADP tt44pk05j9v 9 32 long long ADJ tt44pk05j9v 9 33 bonds bond NOUN tt44pk05j9v 9 34 , , PUNCT tt44pk05j9v 9 35 and and CCONJ tt44pk05j9v 9 36 ( ( PUNCT tt44pk05j9v 9 37 ii ii PROPN tt44pk05j9v 9 38 ) ) PUNCT tt44pk05j9v 9 39 segmented segment VERB tt44pk05j9v 9 40 markets market NOUN tt44pk05j9v 9 41 between between ADP tt44pk05j9v 9 42 short short ADJ tt44pk05j9v 9 43 and and CCONJ tt44pk05j9v 9 44 long long ADJ tt44pk05j9v 9 45 bond bond NOUN tt44pk05j9v 9 46 markets market NOUN tt44pk05j9v 9 47 . . PUNCT tt44pk05j9v 10 1 we we PRON tt44pk05j9v 10 2 consider consider VERB tt44pk05j9v 10 3 two two NUM tt44pk05j9v 10 4 sources source NOUN tt44pk05j9v 10 5 of of ADP tt44pk05j9v 10 6 business business NOUN tt44pk05j9v 10 7 cycle cycle NOUN tt44pk05j9v 10 8 variability variability NOUN tt44pk05j9v 10 9 , , PUNCT tt44pk05j9v 10 10 shocks shock NOUN tt44pk05j9v 10 11 to to ADP tt44pk05j9v 10 12 total total ADJ tt44pk05j9v 10 13 factor factor NOUN tt44pk05j9v 10 14 productivity productivity NOUN tt44pk05j9v 10 15 ( ( PUNCT tt44pk05j9v 10 16 tfp tfp PROPN tt44pk05j9v 10 17 ) ) PUNCT tt44pk05j9v 10 18 and and CCONJ tt44pk05j9v 10 19 the the DET tt44pk05j9v 10 20 marginal marginal ADJ tt44pk05j9v 10 21 efficiency efficiency NOUN tt44pk05j9v 10 22 of of ADP tt44pk05j9v 10 23 investment investment NOUN tt44pk05j9v 10 24 ( ( PUNCT tt44pk05j9v 10 25 mei mei PROPN tt44pk05j9v 10 26 ) ) PUNCT tt44pk05j9v 10 27 . . PUNCT tt44pk05j9v 11 1 we we PRON tt44pk05j9v 11 2 find find VERB tt44pk05j9v 11 3 market market NOUN tt44pk05j9v 11 4 segmentation segmentation NOUN tt44pk05j9v 11 5 is be AUX tt44pk05j9v 11 6 required require VERB tt44pk05j9v 11 7 to to PART tt44pk05j9v 11 8 match match VERB tt44pk05j9v 11 9 empirical empirical ADJ tt44pk05j9v 11 10 moments moment NOUN tt44pk05j9v 11 11 of of ADP tt44pk05j9v 11 12 the the DET tt44pk05j9v 11 13 term term NOUN tt44pk05j9v 11 14 premium premium NOUN tt44pk05j9v 11 15 in in ADP tt44pk05j9v 11 16 the the DET tt44pk05j9v 11 17 model model NOUN tt44pk05j9v 11 18 . . PUNCT tt44pk05j9v 12 1 the the DET tt44pk05j9v 12 2 market market NOUN tt44pk05j9v 12 3 segmentation segmentation NOUN tt44pk05j9v 12 4 reflects reflect VERB tt44pk05j9v 12 5 a a DET tt44pk05j9v 12 6 real real ADJ tt44pk05j9v 12 7 distortion distortion NOUN tt44pk05j9v 12 8 , , PUNCT tt44pk05j9v 12 9 thus thus ADV tt44pk05j9v 12 10 smoothing smooth VERB tt44pk05j9v 12 11 the the DET tt44pk05j9v 12 12 term term NOUN tt44pk05j9v 12 13 premium premium NOUN tt44pk05j9v 12 14 is be AUX tt44pk05j9v 12 15 typically typically ADV tt44pk05j9v 12 16 welfare welfare NOUN tt44pk05j9v 12 17 - - PUNCT tt44pk05j9v 12 18 improving improve VERB tt44pk05j9v 12 19 , , PUNCT tt44pk05j9v 12 20 although although SCONJ tt44pk05j9v 12 21 we we PRON tt44pk05j9v 12 22 discuss discuss VERB tt44pk05j9v 12 23 difficulties difficulty NOUN tt44pk05j9v 12 24 with with ADP tt44pk05j9v 12 25 such such DET tt44pk05j9v 12 26 a a DET tt44pk05j9v 12 27 policy policy NOUN tt44pk05j9v 12 28 . . PUNCT