The article introduces a new method to measure how monetary policy affects various economic factors. By combining two models, it can analyze a wide range of data to understand the impact of monetary policy shocks. This method helps separate different components of economic variables and identify structural shocks accurately. The researchers applied this method to Japanese macroeconomic data from the late 1980s and 1990s, using a specific type of model. The results provide valuable insights for policymakers and researchers to analyze historical trends and make informed decisions.