We identify monetary policy shocks in New Zealand as 1‐day changes in the whole yield curve around monetary policy announcements. The impacts of these shocks on inflation and output are estimated using functional local projections. We find that the effects of monetary policy shocks are standard in the short run but might be different in the long run. Monetary policy shocks in a small open economy have similar effects as in a large economy, except that unconventional monetary policy announcements have limited impact on long‐term interest rates. Accounting for forward guidance, used in New Zealand since 1997, is important.

中文翻译：

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货币政策冲击对新西兰通胀和产出的影响*

我们将新西兰的货币政策冲击视为围绕货币政策公告的整个收益率曲线的一日变化。这些冲击对通货膨胀和产出的影响是使用功能性本地预测来估计的。我们发现，货币政策冲击的影响在短期内是标准的，但从长期来看可能会有所不同。小型开放经济体中的货币政策冲击与大型经济体具有类似的影响，只是非常规货币政策公告对长期利率的影响有限。新西兰自 1997 年起使用的前瞻性指引的会计处理非常重要。