id	sid	tid	token	lemma	pos
wm117m04z8v	1	1	this	this	DET
wm117m04z8v	1	2	dissertation	dissertation	NOUN
wm117m04z8v	1	3	consists	consist	VERB
wm117m04z8v	1	4	of	of	ADP
wm117m04z8v	1	5	three	three	NUM
wm117m04z8v	1	6	papers	paper	NOUN
wm117m04z8v	1	7	examining	examine	VERB
wm117m04z8v	1	8	monetary	monetary	ADJ
wm117m04z8v	1	9	policy	policy	NOUN
wm117m04z8v	1	10	transition	transition	NOUN
wm117m04z8v	1	11	to	to	ADP
wm117m04z8v	1	12	the	the	DET
wm117m04z8v	1	13	macroeconomy	macroeconomy	NOUN
wm117m04z8v	1	14	.	.	PUNCT
wm117m04z8v	2	1	it	it	PRON
wm117m04z8v	2	2	makes	make	VERB
wm117m04z8v	2	3	use	use	NOUN
wm117m04z8v	2	4	of	of	ADP
wm117m04z8v	2	5	both	both	CCONJ
wm117m04z8v	2	6	theoretical	theoretical	ADJ
wm117m04z8v	2	7	and	and	CCONJ
wm117m04z8v	2	8	empirical	empirical	ADJ
wm117m04z8v	2	9	methods	method	NOUN
wm117m04z8v	2	10	.	.	PUNCT
wm117m04z8v	3	1	motivated	motivate	VERB
wm117m04z8v	3	2	by	by	ADP
wm117m04z8v	3	3	structural	structural	ADJ
wm117m04z8v	3	4	changes	change	NOUN
wm117m04z8v	3	5	in	in	ADP
wm117m04z8v	3	6	the	the	DET
wm117m04z8v	3	7	financial	financial	ADJ
wm117m04z8v	3	8	sector	sector	NOUN
wm117m04z8v	3	9	and	and	CCONJ
wm117m04z8v	3	10	the	the	DET
wm117m04z8v	3	11	central	central	ADJ
wm117m04z8v	3	12	bank	bank	NOUN
wm117m04z8v	3	13	's	's	PART
wm117m04z8v	3	14	policy	policy	NOUN
wm117m04z8v	3	15	conduct	conduct	NOUN
wm117m04z8v	3	16	in	in	ADP
wm117m04z8v	3	17	the	the	DET
wm117m04z8v	3	18	last	last	ADJ
wm117m04z8v	3	19	decades	decade	NOUN
wm117m04z8v	3	20	,	,	PUNCT
wm117m04z8v	3	21	this	this	DET
wm117m04z8v	3	22	dissertation	dissertation	NOUN
wm117m04z8v	3	23	reappraises	reappraise	VERB
wm117m04z8v	3	24	monetary	monetary	ADJ
wm117m04z8v	3	25	policy	policy	NOUN
wm117m04z8v	3	26	's	's	PART
wm117m04z8v	3	27	impact	impact	NOUN
wm117m04z8v	3	28	on	on	ADP
wm117m04z8v	3	29	the	the	DET
wm117m04z8v	3	30	real	real	ADJ
wm117m04z8v	3	31	economy	economy	NOUN
wm117m04z8v	3	32	.	.	PUNCT
wm117m04z8v	4	1	while	while	SCONJ
wm117m04z8v	4	2	the	the	DET
wm117m04z8v	4	3	first	first	ADJ
wm117m04z8v	4	4	two	two	NUM
wm117m04z8v	4	5	chapters	chapter	NOUN
wm117m04z8v	4	6	focus	focus	VERB
wm117m04z8v	4	7	on	on	ADP
wm117m04z8v	4	8	conventional	conventional	ADJ
wm117m04z8v	4	9	monetary	monetary	ADJ
wm117m04z8v	4	10	policy	policy	NOUN
wm117m04z8v	4	11	using	use	VERB
wm117m04z8v	4	12	the	the	DET
wm117m04z8v	4	13	short	short	ADJ
wm117m04z8v	4	14	-	-	PUNCT
wm117m04z8v	4	15	term	term	NOUN
wm117m04z8v	4	16	interest	interest	NOUN
wm117m04z8v	4	17	rate	rate	NOUN
wm117m04z8v	4	18	as	as	ADP
wm117m04z8v	4	19	the	the	DET
wm117m04z8v	4	20	primary	primary	ADJ
wm117m04z8v	4	21	policy	policy	NOUN
wm117m04z8v	4	22	tool	tool	NOUN
wm117m04z8v	4	23	,	,	PUNCT
wm117m04z8v	4	24	the	the	DET
wm117m04z8v	4	25	third	third	ADJ
wm117m04z8v	4	26	chapter	chapter	NOUN
wm117m04z8v	4	27	shifts	shift	NOUN
wm117m04z8v	4	28	towards	towards	ADP
wm117m04z8v	4	29	unconventional	unconventional	ADJ
wm117m04z8v	4	30	monetary	monetary	ADJ
wm117m04z8v	4	31	policy	policy	NOUN
wm117m04z8v	4	32	using	use	VERB
wm117m04z8v	4	33	the	the	DET
wm117m04z8v	4	34	central	central	ADJ
wm117m04z8v	4	35	bank	bank	NOUN
wm117m04z8v	4	36	's	's	PART
wm117m04z8v	4	37	balance	balance	NOUN
wm117m04z8v	4	38	sheet	sheet	NOUN
wm117m04z8v	4	39	.	.	PUNCT
wm117m04z8v	5	1	such	such	ADJ
wm117m04z8v	5	2	policies	policy	NOUN
wm117m04z8v	5	3	came	come	VERB
wm117m04z8v	5	4	to	to	ADP
wm117m04z8v	5	5	prominence	prominence	NOUN
wm117m04z8v	5	6	when	when	SCONJ
wm117m04z8v	5	7	the	the	DET
wm117m04z8v	5	8	policy	policy	NOUN
wm117m04z8v	5	9	rate	rate	NOUN
wm117m04z8v	5	10	reached	reach	VERB
wm117m04z8v	5	11	the	the	DET
wm117m04z8v	5	12	effective	effective	ADJ
wm117m04z8v	5	13	lower	lower	ADV
wm117m04z8v	5	14	bound	bind	VERB
wm117m04z8v	5	15	during	during	ADP
wm117m04z8v	5	16	the	the	DET
wm117m04z8v	5	17	2007	2007	NUM
wm117m04z8v	5	18	-	-	SYM
wm117m04z8v	5	19	2009	2009	NUM
wm117m04z8v	5	20	global	global	ADJ
wm117m04z8v	5	21	financial	financial	ADJ
wm117m04z8v	5	22	crisis.the	crisis.the	DET
wm117m04z8v	5	23	first	first	ADJ
wm117m04z8v	5	24	chapter	chapter	NOUN
wm117m04z8v	5	25	analyzes	analyze	VERB
wm117m04z8v	5	26	the	the	DET
wm117m04z8v	5	27	implications	implication	NOUN
wm117m04z8v	5	28	of	of	ADP
wm117m04z8v	5	29	the	the	DET
wm117m04z8v	5	30	recent	recent	ADJ
wm117m04z8v	5	31	rise	rise	NOUN
wm117m04z8v	5	32	in	in	ADP
wm117m04z8v	5	33	bank	bank	NOUN
wm117m04z8v	5	34	concentration	concentration	NOUN
wm117m04z8v	5	35	for	for	ADP
wm117m04z8v	5	36	the	the	DET
wm117m04z8v	5	37	effectiveness	effectiveness	NOUN
wm117m04z8v	5	38	of	of	ADP
wm117m04z8v	5	39	monetary	monetary	ADJ
wm117m04z8v	5	40	policy	policy	NOUN
wm117m04z8v	5	41	.	.	PUNCT
wm117m04z8v	6	1	i	i	PRON
wm117m04z8v	6	2	study	study	VERB
wm117m04z8v	6	3	how	how	SCONJ
wm117m04z8v	6	4	the	the	DET
wm117m04z8v	6	5	structure	structure	NOUN
wm117m04z8v	6	6	of	of	ADP
wm117m04z8v	6	7	the	the	DET
wm117m04z8v	6	8	banking	banking	NOUN
wm117m04z8v	6	9	system	system	NOUN
wm117m04z8v	6	10	affects	affect	VERB
wm117m04z8v	6	11	the	the	DET
wm117m04z8v	6	12	transmission	transmission	NOUN
wm117m04z8v	6	13	of	of	ADP
wm117m04z8v	6	14	monetary	monetary	ADJ
wm117m04z8v	6	15	policy	policy	NOUN
wm117m04z8v	6	16	for	for	ADP
wm117m04z8v	6	17	stabilization	stabilization	NOUN
wm117m04z8v	6	18	and	and	CCONJ
wm117m04z8v	6	19	the	the	DET
wm117m04z8v	6	20	credit	credit	NOUN
wm117m04z8v	6	21	cycle	cycle	NOUN
wm117m04z8v	6	22	.	.	PUNCT
wm117m04z8v	7	1	first	first	ADV
wm117m04z8v	7	2	,	,	PUNCT
wm117m04z8v	7	3	i	i	PRON
wm117m04z8v	7	4	use	use	VERB
wm117m04z8v	7	5	branch	branch	NOUN
wm117m04z8v	7	6	-	-	PUNCT
wm117m04z8v	7	7	level	level	NOUN
wm117m04z8v	7	8	data	datum	NOUN
wm117m04z8v	7	9	on	on	ADP
wm117m04z8v	7	10	deposit	deposit	NOUN
wm117m04z8v	7	11	and	and	CCONJ
wm117m04z8v	7	12	loan	loan	NOUN
wm117m04z8v	7	13	rates	rate	NOUN
wm117m04z8v	7	14	to	to	PART
wm117m04z8v	7	15	evaluate	evaluate	VERB
wm117m04z8v	7	16	how	how	SCONJ
wm117m04z8v	7	17	monetary	monetary	ADJ
wm117m04z8v	7	18	policy	policy	NOUN
wm117m04z8v	7	19	pass	pass	VERB
wm117m04z8v	7	20	-	-	PUNCT
wm117m04z8v	7	21	through	through	NOUN
wm117m04z8v	7	22	depends	depend	VERB
wm117m04z8v	7	23	on	on	ADP
wm117m04z8v	7	24	the	the	DET
wm117m04z8v	7	25	level	level	NOUN
wm117m04z8v	7	26	of	of	ADP
wm117m04z8v	7	27	local	local	ADJ
wm117m04z8v	7	28	bank	bank	NOUN
wm117m04z8v	7	29	competition	competition	NOUN
wm117m04z8v	7	30	and	and	CCONJ
wm117m04z8v	7	31	bank	bank	NOUN
wm117m04z8v	7	32	capitalization	capitalization	NOUN
wm117m04z8v	7	33	.	.	PUNCT
wm117m04z8v	8	1	i	i	PRON
wm117m04z8v	8	2	show	show	VERB
wm117m04z8v	8	3	that	that	SCONJ
wm117m04z8v	8	4	banks	bank	NOUN
wm117m04z8v	8	5	operating	operate	VERB
wm117m04z8v	8	6	in	in	ADP
wm117m04z8v	8	7	high	high	ADJ
wm117m04z8v	8	8	-	-	PUNCT
wm117m04z8v	8	9	concentration	concentration	NOUN
wm117m04z8v	8	10	markets	market	NOUN
wm117m04z8v	8	11	,	,	PUNCT
wm117m04z8v	8	12	as	as	ADV
wm117m04z8v	8	13	well	well	ADV
wm117m04z8v	8	14	as	as	ADP
wm117m04z8v	8	15	under	under	ADV
wm117m04z8v	8	16	-	-	PUNCT
wm117m04z8v	8	17	capitalized	capitalize	VERB
wm117m04z8v	8	18	banks	bank	NOUN
wm117m04z8v	8	19	,	,	PUNCT
wm117m04z8v	8	20	adjust	adjust	VERB
wm117m04z8v	8	21	short	short	ADJ
wm117m04z8v	8	22	-	-	PUNCT
wm117m04z8v	8	23	term	term	NOUN
wm117m04z8v	8	24	lending	lending	NOUN
wm117m04z8v	8	25	rates	rate	NOUN
wm117m04z8v	8	26	more	more	ADV
wm117m04z8v	8	27	in	in	ADP
wm117m04z8v	8	28	response	response	NOUN
wm117m04z8v	8	29	to	to	ADP
wm117m04z8v	8	30	changes	change	NOUN
wm117m04z8v	8	31	in	in	ADP
wm117m04z8v	8	32	the	the	DET
wm117m04z8v	8	33	policy	policy	NOUN
wm117m04z8v	8	34	rate	rate	NOUN
wm117m04z8v	8	35	,	,	PUNCT
wm117m04z8v	8	36	especially	especially	ADV
wm117m04z8v	8	37	when	when	SCONJ
wm117m04z8v	8	38	the	the	DET
wm117m04z8v	8	39	policy	policy	NOUN
wm117m04z8v	8	40	rate	rate	NOUN
wm117m04z8v	8	41	moves	move	VERB
wm117m04z8v	8	42	upwards	upwards	ADV
wm117m04z8v	8	43	.	.	PUNCT
wm117m04z8v	9	1	second	second	ADV
wm117m04z8v	9	2	,	,	PUNCT
wm117m04z8v	9	3	i	i	PRON
wm117m04z8v	9	4	build	build	VERB
wm117m04z8v	9	5	a	a	DET
wm117m04z8v	9	6	theoretical	theoretical	ADJ
wm117m04z8v	9	7	model	model	NOUN
wm117m04z8v	9	8	with	with	ADP
wm117m04z8v	9	9	heterogeneous	heterogeneous	ADJ
wm117m04z8v	9	10	banks	bank	NOUN
wm117m04z8v	9	11	that	that	PRON
wm117m04z8v	9	12	rationalizes	rationalize	VERB
wm117m04z8v	9	13	the	the	DET
wm117m04z8v	9	14	empirical	empirical	ADJ
wm117m04z8v	9	15	findings	finding	NOUN
wm117m04z8v	9	16	and	and	CCONJ
wm117m04z8v	9	17	explains	explain	VERB
wm117m04z8v	9	18	the	the	DET
wm117m04z8v	9	19	underlying	underlie	VERB
wm117m04z8v	9	20	mechanism	mechanism	NOUN
wm117m04z8v	9	21	.	.	PUNCT
wm117m04z8v	10	1	in	in	ADP
wm117m04z8v	10	2	the	the	DET
wm117m04z8v	10	3	model	model	NOUN
wm117m04z8v	10	4	,	,	PUNCT
wm117m04z8v	10	5	monopolistic	monopolistic	ADJ
wm117m04z8v	10	6	competition	competition	NOUN
wm117m04z8v	10	7	in	in	ADP
wm117m04z8v	10	8	local	local	ADJ
wm117m04z8v	10	9	deposit	deposit	NOUN
wm117m04z8v	10	10	and	and	CCONJ
wm117m04z8v	10	11	loan	loan	NOUN
wm117m04z8v	10	12	markets	market	NOUN
wm117m04z8v	10	13	,	,	PUNCT
wm117m04z8v	10	14	along	along	ADP
wm117m04z8v	10	15	with	with	ADP
wm117m04z8v	10	16	bank	bank	NOUN
wm117m04z8v	10	17	capital	capital	NOUN
wm117m04z8v	10	18	requirements	requirement	NOUN
wm117m04z8v	10	19	,	,	PUNCT
wm117m04z8v	10	20	impose	impose	VERB
wm117m04z8v	10	21	frictions	friction	NOUN
wm117m04z8v	10	22	on	on	ADP
wm117m04z8v	10	23	the	the	DET
wm117m04z8v	10	24	pass	pass	VERB
wm117m04z8v	10	25	-	-	PUNCT
wm117m04z8v	10	26	through	through	NOUN
wm117m04z8v	10	27	to	to	ADP
wm117m04z8v	10	28	the	the	DET
wm117m04z8v	10	29	real	real	ADJ
wm117m04z8v	10	30	economy	economy	NOUN
wm117m04z8v	10	31	.	.	PUNCT
wm117m04z8v	11	1	counterfactual	counterfactual	ADJ
wm117m04z8v	11	2	analyses	analysis	NOUN
wm117m04z8v	11	3	highlight	highlight	VERB
wm117m04z8v	11	4	that	that	SCONJ
wm117m04z8v	11	5	the	the	DET
wm117m04z8v	11	6	recent	recent	ADJ
wm117m04z8v	11	7	rise	rise	NOUN
wm117m04z8v	11	8	in	in	ADP
wm117m04z8v	11	9	bank	bank	NOUN
wm117m04z8v	11	10	concentration	concentration	NOUN
wm117m04z8v	11	11	strengthened	strengthen	VERB
wm117m04z8v	11	12	the	the	DET
wm117m04z8v	11	13	pass	pass	VERB
wm117m04z8v	11	14	-	-	PUNCT
wm117m04z8v	11	15	through	through	NOUN
wm117m04z8v	11	16	by	by	ADP
wm117m04z8v	11	17	two	two	NUM
wm117m04z8v	11	18	channels	channel	NOUN
wm117m04z8v	11	19	,	,	PUNCT
wm117m04z8v	11	20	which	which	PRON
wm117m04z8v	11	21	i	i	PRON
wm117m04z8v	11	22	label	label	VERB
wm117m04z8v	11	23	the	the	DET
wm117m04z8v	11	24	market	market	NOUN
wm117m04z8v	11	25	power	power	NOUN
wm117m04z8v	11	26	and	and	CCONJ
wm117m04z8v	11	27	capital	capital	NOUN
wm117m04z8v	11	28	allocation	allocation	PROPN
wm117m04z8v	11	29	channel	channel	PROPN
wm117m04z8v	11	30	.	.	PUNCT
wm117m04z8v	12	1	finally	finally	ADV
wm117m04z8v	12	2	,	,	PUNCT
wm117m04z8v	12	3	i	i	PRON
wm117m04z8v	12	4	demonstrate	demonstrate	VERB
wm117m04z8v	12	5	that	that	SCONJ
wm117m04z8v	12	6	both	both	DET
wm117m04z8v	12	7	channels	channel	NOUN
wm117m04z8v	12	8	strengthen	strengthen	VERB
wm117m04z8v	12	9	monetary	monetary	ADJ
wm117m04z8v	12	10	policy	policy	NOUN
wm117m04z8v	12	11	transmission	transmission	NOUN
wm117m04z8v	12	12	to	to	ADP
wm117m04z8v	12	13	output	output	NOUN
wm117m04z8v	12	14	and	and	CCONJ
wm117m04z8v	12	15	investment	investment	NOUN
wm117m04z8v	12	16	,	,	PUNCT
wm117m04z8v	12	17	amplify	amplify	VERB
wm117m04z8v	12	18	the	the	DET
wm117m04z8v	12	19	credit	credit	NOUN
wm117m04z8v	12	20	cycle	cycle	NOUN
wm117m04z8v	12	21	,	,	PUNCT
wm117m04z8v	12	22	and	and	CCONJ
wm117m04z8v	12	23	lead	lead	VERB
wm117m04z8v	12	24	to	to	ADP
wm117m04z8v	12	25	a	a	DET
wm117m04z8v	12	26	flattening	flattening	NOUN
wm117m04z8v	12	27	of	of	ADP
wm117m04z8v	12	28	the	the	DET
wm117m04z8v	12	29	phillips	phillip	NOUN
wm117m04z8v	12	30	curve.the	curve.the	DET
wm117m04z8v	12	31	second	second	ADJ
wm117m04z8v	12	32	chapter	chapter	NOUN
wm117m04z8v	12	33	,	,	PUNCT
wm117m04z8v	12	34	written	write	VERB
wm117m04z8v	12	35	in	in	ADP
wm117m04z8v	12	36	conjunction	conjunction	NOUN
wm117m04z8v	12	37	with	with	ADP
wm117m04z8v	12	38	rüdiger	rüdiger	ADJ
wm117m04z8v	12	39	bachmann	bachmann	PROPN
wm117m04z8v	12	40	and	and	CCONJ
wm117m04z8v	12	41	eric	eric	PROPN
wm117m04z8v	12	42	sims	sim	NOUN
wm117m04z8v	12	43	,	,	PUNCT
wm117m04z8v	12	44	focuses	focus	VERB
wm117m04z8v	12	45	on	on	ADP
wm117m04z8v	12	46	identifying	identify	VERB
wm117m04z8v	12	47	monetary	monetary	ADJ
wm117m04z8v	12	48	policy	policy	NOUN
wm117m04z8v	12	49	shocks	shock	NOUN
wm117m04z8v	12	50	.	.	PUNCT
wm117m04z8v	13	1	we	we	PRON
wm117m04z8v	13	2	propose	propose	VERB
wm117m04z8v	13	3	a	a	DET
wm117m04z8v	13	4	new	new	ADJ
wm117m04z8v	13	5	approach	approach	NOUN
wm117m04z8v	13	6	to	to	PART
wm117m04z8v	13	7	estimate	estimate	VERB
wm117m04z8v	13	8	monetary	monetary	ADJ
wm117m04z8v	13	9	policy	policy	NOUN
wm117m04z8v	13	10	shocks	shock	NOUN
wm117m04z8v	13	11	that	that	PRON
wm117m04z8v	13	12	exploits	exploit	VERB
wm117m04z8v	13	13	exogenous	exogenous	ADJ
wm117m04z8v	13	14	variation	variation	NOUN
wm117m04z8v	13	15	in	in	ADP
wm117m04z8v	13	16	the	the	DET
wm117m04z8v	13	17	central	central	ADJ
wm117m04z8v	13	18	bank	bank	NOUN
wm117m04z8v	13	19	's	's	PART
wm117m04z8v	13	20	policy	policy	NOUN
wm117m04z8v	13	21	rate	rate	NOUN
wm117m04z8v	13	22	.	.	PUNCT
wm117m04z8v	14	1	in	in	ADP
wm117m04z8v	14	2	particular	particular	ADJ
wm117m04z8v	14	3	,	,	PUNCT
wm117m04z8v	14	4	we	we	PRON
wm117m04z8v	14	5	use	use	VERB
wm117m04z8v	14	6	the	the	DET
wm117m04z8v	14	7	nowcast	nowcast	ADJ
wm117m04z8v	14	8	errors	error	NOUN
wm117m04z8v	14	9	of	of	ADP
wm117m04z8v	14	10	the	the	DET
wm117m04z8v	14	11	central	central	ADJ
wm117m04z8v	14	12	bank	bank	NOUN
wm117m04z8v	14	13	with	with	ADP
wm117m04z8v	14	14	respect	respect	NOUN
wm117m04z8v	14	15	to	to	ADP
wm117m04z8v	14	16	the	the	DET
wm117m04z8v	14	17	output	output	NOUN
wm117m04z8v	14	18	gap	gap	NOUN
wm117m04z8v	14	19	and	and	CCONJ
wm117m04z8v	14	20	inflation	inflation	NOUN
wm117m04z8v	14	21	as	as	ADP
wm117m04z8v	14	22	instrumental	instrumental	ADJ
wm117m04z8v	14	23	variables	variable	NOUN
wm117m04z8v	14	24	to	to	PART
wm117m04z8v	14	25	isolate	isolate	VERB
wm117m04z8v	14	26	exogenous	exogenous	ADJ
wm117m04z8v	14	27	variation	variation	NOUN
wm117m04z8v	14	28	in	in	ADP
wm117m04z8v	14	29	the	the	DET
wm117m04z8v	14	30	policy	policy	NOUN
wm117m04z8v	14	31	rate	rate	NOUN
wm117m04z8v	14	32	.	.	PUNCT
wm117m04z8v	15	1	we	we	PRON
wm117m04z8v	15	2	then	then	ADV
wm117m04z8v	15	3	compute	compute	VERB
wm117m04z8v	15	4	the	the	DET
wm117m04z8v	15	5	effects	effect	NOUN
wm117m04z8v	15	6	of	of	ADP
wm117m04z8v	15	7	the	the	DET
wm117m04z8v	15	8	shock	shock	NOUN
wm117m04z8v	15	9	on	on	ADP
wm117m04z8v	15	10	the	the	DET
wm117m04z8v	15	11	real	real	ADJ
wm117m04z8v	15	12	economy	economy	NOUN
wm117m04z8v	15	13	using	use	VERB
wm117m04z8v	15	14	local	local	ADJ
wm117m04z8v	15	15	projection	projection	NOUN
wm117m04z8v	15	16	methods	method	NOUN
wm117m04z8v	15	17	.	.	PUNCT
wm117m04z8v	16	1	the	the	DET
wm117m04z8v	16	2	results	result	NOUN
wm117m04z8v	16	3	indicate	indicate	VERB
wm117m04z8v	16	4	that	that	SCONJ
wm117m04z8v	16	5	a	a	DET
wm117m04z8v	16	6	contractionary	contractionary	ADJ
wm117m04z8v	16	7	monetary	monetary	ADJ
wm117m04z8v	16	8	policy	policy	NOUN
wm117m04z8v	16	9	shock	shock	NOUN
wm117m04z8v	16	10	has	have	VERB
wm117m04z8v	16	11	a	a	DET
wm117m04z8v	16	12	limited	limited	ADJ
wm117m04z8v	16	13	effect	effect	NOUN
wm117m04z8v	16	14	on	on	ADP
wm117m04z8v	16	15	output	output	NOUN
wm117m04z8v	16	16	but	but	CCONJ
wm117m04z8v	16	17	a	a	DET
wm117m04z8v	16	18	persistent	persistent	ADJ
wm117m04z8v	16	19	effect	effect	NOUN
wm117m04z8v	16	20	on	on	ADP
wm117m04z8v	16	21	prices	price	NOUN
wm117m04z8v	16	22	.	.	PUNCT
wm117m04z8v	17	1	in	in	ADP
wm117m04z8v	17	2	contrast	contrast	NOUN
wm117m04z8v	17	3	to	to	ADP
wm117m04z8v	17	4	alternative	alternative	ADJ
wm117m04z8v	17	5	identification	identification	NOUN
wm117m04z8v	17	6	approaches	approach	NOUN
wm117m04z8v	17	7	,	,	PUNCT
wm117m04z8v	17	8	there	there	PRON
wm117m04z8v	17	9	is	be	VERB
wm117m04z8v	17	10	no	no	DET
wm117m04z8v	17	11	price	price	NOUN
wm117m04z8v	17	12	puzzle	puzzle	NOUN
wm117m04z8v	17	13	when	when	SCONJ
wm117m04z8v	17	14	analyzing	analyze	VERB
wm117m04z8v	17	15	the	the	DET
wm117m04z8v	17	16	period	period	NOUN
wm117m04z8v	17	17	from	from	ADP
wm117m04z8v	17	18	1987	1987	NUM
wm117m04z8v	17	19	to	to	ADP
wm117m04z8v	17	20	2008	2008	NUM
wm117m04z8v	17	21	.	.	PUNCT
wm117m04z8v	18	1	further	far	ADV
wm117m04z8v	18	2	,	,	PUNCT
wm117m04z8v	18	3	we	we	PRON
wm117m04z8v	18	4	validate	validate	VERB
wm117m04z8v	18	5	the	the	DET
wm117m04z8v	18	6	identification	identification	NOUN
wm117m04z8v	18	7	approach	approach	NOUN
wm117m04z8v	18	8	in	in	ADP
wm117m04z8v	18	9	an	an	DET
wm117m04z8v	18	10	augmented	augment	VERB
wm117m04z8v	18	11	new	new	ADJ
wm117m04z8v	18	12	keynesian	keynesian	ADJ
wm117m04z8v	18	13	model	model	NOUN
wm117m04z8v	18	14	assuming	assume	VERB
wm117m04z8v	18	15	that	that	SCONJ
wm117m04z8v	18	16	the	the	DET
wm117m04z8v	18	17	central	central	ADJ
wm117m04z8v	18	18	bank	bank	NOUN
wm117m04z8v	18	19	observes	observe	VERB
wm117m04z8v	18	20	current	current	ADJ
wm117m04z8v	18	21	output	output	NOUN
wm117m04z8v	18	22	and	and	CCONJ
wm117m04z8v	18	23	inflation	inflation	NOUN
wm117m04z8v	18	24	with	with	ADP
wm117m04z8v	18	25	nowcast	nowcast	NOUN
wm117m04z8v	18	26	errors.the	errors.the	DET
wm117m04z8v	18	27	third	third	ADJ
wm117m04z8v	18	28	chapter	chapter	NOUN
wm117m04z8v	18	29	,	,	PUNCT
wm117m04z8v	18	30	co	co	VERB
wm117m04z8v	18	31	-	-	VERB
wm117m04z8v	18	32	authored	author	VERB
wm117m04z8v	18	33	with	with	ADP
wm117m04z8v	18	34	ronald	ronald	PROPN
wm117m04z8v	18	35	mau	mau	PROPN
wm117m04z8v	18	36	and	and	CCONJ
wm117m04z8v	18	37	jonathan	jonathan	PROPN
wm117m04z8v	18	38	rawls	rawls	PROPN
wm117m04z8v	18	39	,	,	PUNCT
wm117m04z8v	18	40	turns	turn	VERB
wm117m04z8v	18	41	to	to	ADP
wm117m04z8v	18	42	unconventional	unconventional	ADJ
wm117m04z8v	18	43	monetary	monetary	ADJ
wm117m04z8v	18	44	policy	policy	NOUN
wm117m04z8v	18	45	and	and	CCONJ
wm117m04z8v	18	46	studies	study	VERB
wm117m04z8v	18	47	the	the	DET
wm117m04z8v	18	48	interaction	interaction	NOUN
wm117m04z8v	18	49	between	between	ADP
wm117m04z8v	18	50	the	the	DET
wm117m04z8v	18	51	central	central	ADJ
wm117m04z8v	18	52	bank	bank	NOUN
wm117m04z8v	18	53	's	's	PART
wm117m04z8v	18	54	main	main	ADJ
wm117m04z8v	18	55	policy	policy	NOUN
wm117m04z8v	18	56	tools	tool	NOUN
wm117m04z8v	18	57	the	the	DET
wm117m04z8v	18	58	interest	interest	NOUN
wm117m04z8v	18	59	rate	rate	NOUN
wm117m04z8v	18	60	and	and	CCONJ
wm117m04z8v	18	61	balance	balance	NOUN
wm117m04z8v	18	62	sheet	sheet	NOUN
wm117m04z8v	18	63	.	.	PUNCT
wm117m04z8v	19	1	first	first	ADV
wm117m04z8v	19	2	,	,	PUNCT
wm117m04z8v	19	3	we	we	PRON
wm117m04z8v	19	4	derive	derive	VERB
wm117m04z8v	19	5	the	the	DET
wm117m04z8v	19	6	welfare	welfare	NOUN
wm117m04z8v	19	7	loss	loss	NOUN
wm117m04z8v	19	8	function	function	NOUN
wm117m04z8v	19	9	in	in	ADP
wm117m04z8v	19	10	a	a	DET
wm117m04z8v	19	11	simple	simple	ADJ
wm117m04z8v	19	12	new	new	ADJ
wm117m04z8v	19	13	keynesian	keynesian	ADJ
wm117m04z8v	19	14	model	model	NOUN
wm117m04z8v	19	15	with	with	ADP
wm117m04z8v	19	16	a	a	DET
wm117m04z8v	19	17	role	role	NOUN
wm117m04z8v	19	18	for	for	ADP
wm117m04z8v	19	19	the	the	DET
wm117m04z8v	19	20	central	central	ADJ
wm117m04z8v	19	21	bank	bank	NOUN
wm117m04z8v	19	22	's	's	PART
wm117m04z8v	19	23	balance	balance	NOUN
wm117m04z8v	19	24	sheet	sheet	NOUN
wm117m04z8v	19	25	.	.	PUNCT
wm117m04z8v	20	1	we	we	PRON
wm117m04z8v	20	2	show	show	VERB
wm117m04z8v	20	3	that	that	SCONJ
wm117m04z8v	20	4	in	in	ADP
wm117m04z8v	20	5	this	this	DET
wm117m04z8v	20	6	model	model	NOUN
wm117m04z8v	20	7	,	,	PUNCT
wm117m04z8v	20	8	term	term	NOUN
wm117m04z8v	20	9	premium	premium	NOUN
wm117m04z8v	20	10	volatility	volatility	NOUN
wm117m04z8v	20	11	enters	enter	VERB
wm117m04z8v	20	12	the	the	DET
wm117m04z8v	20	13	welfare	welfare	NOUN
wm117m04z8v	20	14	loss	loss	NOUN
wm117m04z8v	20	15	function	function	NOUN
wm117m04z8v	20	16	along	along	ADP
wm117m04z8v	20	17	with	with	ADP
wm117m04z8v	20	18	the	the	DET
wm117m04z8v	20	19	standard	standard	ADJ
wm117m04z8v	20	20	inflation	inflation	NOUN
wm117m04z8v	20	21	and	and	CCONJ
wm117m04z8v	20	22	output	output	NOUN
wm117m04z8v	20	23	gap	gap	NOUN
wm117m04z8v	20	24	volatility	volatility	NOUN
wm117m04z8v	20	25	terms	term	NOUN
wm117m04z8v	20	26	.	.	PUNCT
wm117m04z8v	21	1	we	we	PRON
wm117m04z8v	21	2	then	then	ADV
wm117m04z8v	21	3	study	study	VERB
wm117m04z8v	21	4	optimal	optimal	ADJ
wm117m04z8v	21	5	monetary	monetary	ADJ
wm117m04z8v	21	6	policy	policy	NOUN
wm117m04z8v	21	7	for	for	ADP
wm117m04z8v	21	8	three	three	NUM
wm117m04z8v	21	9	cases	case	NOUN
wm117m04z8v	21	10	using	use	VERB
wm117m04z8v	21	11	a	a	DET
wm117m04z8v	21	12	single	single	ADJ
wm117m04z8v	21	13	or	or	CCONJ
wm117m04z8v	21	14	dual	dual	ADJ
wm117m04z8v	21	15	policy	policy	NOUN
wm117m04z8v	21	16	tools	tool	NOUN
wm117m04z8v	21	17	,	,	PUNCT
wm117m04z8v	21	18	(	(	PUNCT
wm117m04z8v	21	19	i	i	NOUN
wm117m04z8v	21	20	)	)	PUNCT
wm117m04z8v	21	21	the	the	DET
wm117m04z8v	21	22	interest	interest	NOUN
wm117m04z8v	21	23	rate	rate	NOUN
wm117m04z8v	21	24	as	as	ADP
wm117m04z8v	21	25	the	the	DET
wm117m04z8v	21	26	primary	primary	ADJ
wm117m04z8v	21	27	tool	tool	NOUN
wm117m04z8v	21	28	,	,	PUNCT
wm117m04z8v	21	29	(	(	PUNCT
wm117m04z8v	21	30	ii	ii	PROPN
wm117m04z8v	21	31	)	)	PUNCT
wm117m04z8v	21	32	the	the	DET
wm117m04z8v	21	33	interest	interest	NOUN
wm117m04z8v	21	34	rate	rate	NOUN
wm117m04z8v	21	35	and	and	CCONJ
wm117m04z8v	21	36	the	the	DET
wm117m04z8v	21	37	balance	balance	NOUN
wm117m04z8v	21	38	sheet	sheet	NOUN
wm117m04z8v	21	39	together	together	ADV
wm117m04z8v	21	40	,	,	PUNCT
wm117m04z8v	21	41	and	and	CCONJ
wm117m04z8v	21	42	(	(	PUNCT
wm117m04z8v	21	43	iii	iii	X
wm117m04z8v	21	44	)	)	PUNCT
wm117m04z8v	21	45	the	the	DET
wm117m04z8v	21	46	balance	balance	NOUN
wm117m04z8v	21	47	sheet	sheet	NOUN
wm117m04z8v	21	48	is	be	AUX
wm117m04z8v	21	49	the	the	DET
wm117m04z8v	21	50	only	only	ADJ
wm117m04z8v	21	51	tool	tool	NOUN
wm117m04z8v	21	52	.	.	PUNCT
wm117m04z8v	22	1	we	we	PRON
wm117m04z8v	22	2	reach	reach	VERB
wm117m04z8v	22	3	several	several	ADJ
wm117m04z8v	22	4	conclusions	conclusion	NOUN
wm117m04z8v	22	5	.	.	PUNCT
wm117m04z8v	23	1	first	first	ADV
wm117m04z8v	23	2	,	,	PUNCT
wm117m04z8v	23	3	we	we	PRON
wm117m04z8v	23	4	find	find	VERB
wm117m04z8v	23	5	that	that	SCONJ
wm117m04z8v	23	6	with	with	ADP
wm117m04z8v	23	7	optimal	optimal	ADJ
wm117m04z8v	23	8	policy	policy	NOUN
wm117m04z8v	23	9	rate	rate	NOUN
wm117m04z8v	23	10	behavior	behavior	NOUN
wm117m04z8v	23	11	under	under	ADP
wm117m04z8v	23	12	discretion	discretion	NOUN
wm117m04z8v	23	13	,	,	PUNCT
wm117m04z8v	23	14	an	an	DET
wm117m04z8v	23	15	exogenous	exogenous	ADJ
wm117m04z8v	23	16	balance	balance	NOUN
wm117m04z8v	23	17	sheet	sheet	NOUN
wm117m04z8v	23	18	expansion	expansion	NOUN
wm117m04z8v	23	19	is	be	AUX
wm117m04z8v	23	20	deflationary	deflationary	ADJ
wm117m04z8v	23	21	and	and	CCONJ
wm117m04z8v	23	22	lowers	lower	VERB
wm117m04z8v	23	23	the	the	DET
wm117m04z8v	23	24	implied	imply	VERB
wm117m04z8v	23	25	path	path	NOUN
wm117m04z8v	23	26	of	of	ADP
wm117m04z8v	23	27	the	the	DET
wm117m04z8v	23	28	short	short	ADJ
wm117m04z8v	23	29	-	-	PUNCT
wm117m04z8v	23	30	term	term	NOUN
wm117m04z8v	23	31	policy	policy	NOUN
wm117m04z8v	23	32	rate	rate	NOUN
wm117m04z8v	23	33	.	.	PUNCT
wm117m04z8v	24	1	at	at	ADP
wm117m04z8v	24	2	the	the	DET
wm117m04z8v	24	3	effective	effective	ADJ
wm117m04z8v	24	4	lower	lower	ADV
wm117m04z8v	24	5	bound	bound	ADJ
wm117m04z8v	24	6	(	(	PUNCT
wm117m04z8v	24	7	elb	elb	PROPN
wm117m04z8v	24	8	)	)	PUNCT
wm117m04z8v	24	9	,	,	PUNCT
wm117m04z8v	24	10	optimal	optimal	ADJ
wm117m04z8v	24	11	policy	policy	NOUN
wm117m04z8v	24	12	lengthens	lengthen	VERB
wm117m04z8v	24	13	the	the	DET
wm117m04z8v	24	14	elb	elb	NOUN
wm117m04z8v	24	15	event	event	NOUN
wm117m04z8v	24	16	duration	duration	NOUN
wm117m04z8v	24	17	following	follow	VERB
wm117m04z8v	24	18	an	an	DET
wm117m04z8v	24	19	exogenous	exogenous	ADJ
wm117m04z8v	24	20	balance	balance	NOUN
wm117m04z8v	24	21	sheet	sheet	NOUN
wm117m04z8v	24	22	expansion	expansion	NOUN
wm117m04z8v	24	23	.	.	PUNCT
wm117m04z8v	25	1	this	this	PRON
wm117m04z8v	25	2	serves	serve	VERB
wm117m04z8v	25	3	as	as	ADP
wm117m04z8v	25	4	a	a	DET
wm117m04z8v	25	5	potential	potential	ADJ
wm117m04z8v	25	6	theoretical	theoretical	ADJ
wm117m04z8v	25	7	rationalization	rationalization	NOUN
wm117m04z8v	25	8	for	for	ADP
wm117m04z8v	25	9	the	the	DET
wm117m04z8v	25	10	so	so	ADV
wm117m04z8v	25	11	-	-	PUNCT
wm117m04z8v	25	12	called	call	VERB
wm117m04z8v	25	13	"	"	PUNCT
wm117m04z8v	25	14	signaling	signal	VERB
wm117m04z8v	25	15	channel	channel	NOUN
wm117m04z8v	25	16	"	"	PUNCT
wm117m04z8v	25	17	of	of	ADP
wm117m04z8v	25	18	central	central	ADJ
wm117m04z8v	25	19	bank	bank	NOUN
wm117m04z8v	25	20	asset	asset	NOUN
wm117m04z8v	25	21	purchases	purchase	NOUN
wm117m04z8v	25	22	.	.	PUNCT
wm117m04z8v	26	1	second	second	ADV
wm117m04z8v	26	2	,	,	PUNCT
wm117m04z8v	26	3	with	with	ADP
wm117m04z8v	26	4	endogenous	endogenous	ADJ
wm117m04z8v	26	5	balance	balance	NOUN
wm117m04z8v	26	6	sheet	sheet	NOUN
wm117m04z8v	26	7	policy	policy	NOUN
wm117m04z8v	26	8	in	in	ADP
wm117m04z8v	26	9	addition	addition	NOUN
wm117m04z8v	26	10	to	to	ADP
wm117m04z8v	26	11	the	the	DET
wm117m04z8v	26	12	policy	policy	NOUN
wm117m04z8v	26	13	rate	rate	NOUN
wm117m04z8v	26	14	,	,	PUNCT
wm117m04z8v	26	15	the	the	DET
wm117m04z8v	26	16	central	central	ADJ
wm117m04z8v	26	17	bank	bank	NOUN
wm117m04z8v	26	18	can	can	AUX
wm117m04z8v	26	19	simultaneously	simultaneously	ADV
wm117m04z8v	26	20	stabilize	stabilize	VERB
wm117m04z8v	26	21	inflation	inflation	NOUN
wm117m04z8v	26	22	,	,	PUNCT
wm117m04z8v	26	23	the	the	DET
wm117m04z8v	26	24	output	output	NOUN
wm117m04z8v	26	25	gap	gap	NOUN
wm117m04z8v	26	26	,	,	PUNCT
wm117m04z8v	26	27	and	and	CCONJ
wm117m04z8v	26	28	the	the	DET
wm117m04z8v	26	29	term	term	NOUN
wm117m04z8v	26	30	premium	premium	NOUN
wm117m04z8v	26	31	.	.	PUNCT
wm117m04z8v	27	1	finally	finally	ADV
wm117m04z8v	27	2	,	,	PUNCT
wm117m04z8v	27	3	we	we	PRON
wm117m04z8v	27	4	show	show	VERB
wm117m04z8v	27	5	that	that	SCONJ
wm117m04z8v	27	6	endogenous	endogenous	ADJ
wm117m04z8v	27	7	balance	balance	NOUN
wm117m04z8v	27	8	sheet	sheet	NOUN
wm117m04z8v	27	9	policy	policy	NOUN
wm117m04z8v	27	10	rules	rule	NOUN
wm117m04z8v	27	11	exist	exist	VERB
wm117m04z8v	27	12	that	that	PRON
wm117m04z8v	27	13	support	support	VERB
wm117m04z8v	27	14	a	a	DET
wm117m04z8v	27	15	permanent	permanent	ADJ
wm117m04z8v	27	16	policy	policy	NOUN
wm117m04z8v	27	17	rate	rate	NOUN
wm117m04z8v	27	18	peg	peg	NOUN
wm117m04z8v	27	19	.	.	PUNCT