

Leonardo Gambacorta, Boris Hofmann and Gert Peersman, 
"The effectiveness of unconventional monetary policy at the zero lower bound: A cross-country analysis", Journal of Money, Credit and Banking.

data_estimation contains the data in ASCII format: 

ta	Central bank total assets
iVol	VIX
cp	Consumer prices
gdp	Real GDP
MB	Monetary base
ip	Industrial production
POL	Policy rate
pubDebt	Public debt


data_estimation.xls contains the data in xls format.


impulse_responses.rpf is the RATS code for the impulse responses of the benchmark model shown in Graph 1 of the paper.

variance_decomposition.rpf is the RATS code for the variance decomposition of the benchmark model shown in Graph 2 of the paper.

