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Since December 1st till March 31 you can apply to our programs:
Master in Economic Research and PhD in Economics

Entry requirements are:
- BA / MA degree or equivalent
- Proficiency in spoken and written English
- Solid background in mathematics
- Previous education in economics is recommended

Your online application must content following documents:
- Curriculum vitae
- Statement of motivation
- Copies of your diplomas and transcripts
- Proof of English proficiency level
- Contact details for two (or max. three) referees (optional for MA applicants)

For more information please see sections: How to apply to MER or How to apply to PhD
In case of any question, please do not hesitate to contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.
or see the FAQ sections for Master´s or Phd program.

Peter Karadi, Ph.D.

European Central Bank

Authors: Peter Karadi and Marek Jarocinski

Abstract: The paper separately identifies three components of high-frequency surprises around Fed announcements: a monetary policy shock, a central bank information shock (CBI, Jarocinski-Karadi,2020), a Fed response to news shock (FRN, Bauer-Swanson(2023). It achieves identification by utilizing both the high frequency co-movement of interest rate and stock price surprises and the predictability of surprises by preceding public news. It estimates the dynamic impacts of the shocks in a monthly Bayesian VAR and confirms the robust presence of central bank information effects. It finds that the role of the FRN shock is marginal in the baseline sample with a broad array of Fed announcements. The monetary policy shock purged from the impact of both CBI and FRN shocks generates impulse responses in line with theoretical predictions.