Are the Effects of Monetary Policy Asymmetric?
نویسندگان
چکیده
منابع مشابه
Are the Effects of Monetary Policy Asymmetric?
This paper focuses on whether monetary policy has asymmetric effects. By building on the Markov switching model introduced by Hamilton (1989), we examine questions like: Does monetary policy have the same effect regardless of the current phase of economic fluctuations? Given that the economy is currently in a recession, does a fall in interest rates increase the probability of an expansion? Doe...
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implied by models with menu costs (see, among others, Ball and Romer, 1990, and Ball and Mankiw, 1994). In static (deterministic) settings, standard menu-cost models imply that “big” monetary policy shocks are neutral because firms would find it optimal to adjust nominal prices, while “small” monetary policy shocks would have real effects because keeping nominal prices fixed is associated with ...
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This article examines Taiwan data to determine whether or not output asymmetrically responds to monetary policy shocks. Two asymmetries are defined. For the first asymmetric effect, referred to as the TE effect, an inverted L-shaped aggregate supply curve with negative-sloped equilibrium locus is proposed. This AS curve implies that the effect of an easy monetary policy differs in different inf...
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This paper investigates the asymmetric effects of monetary policy on economic growth over business cycles in Iran. Estimating the models using the Hamilton (1989) Markov-switching model and by employing the data for 1960-2012, the results well identify two regimes characterized as expansion and recession. Moreover, the results show that an expansionary monetary policy has a positive and statist...
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Luigi Guiso is a professor of economics at the Università di Sassari, Italy, and scientific coordinator at Ente Luigi Einaudi for monetary, banking, and financial studies. He is also a research fellow at the Centre for Economic Policy Research, London. Anil K Kashyap is a professor of economics at the University of Chicago, Graduate School of Business, consultant to the Federal Reserve Bank of ...
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ژورنال
عنوان ژورنال: Economic Inquiry
سال: 2002
ISSN: 0095-2583,1465-7295
DOI: 10.1093/ei/40.1.102