Asymmetric effects of monetary policy in Brazil
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...
متن کاملAsymmetric Effects of Monetary Policy and Business Cycles in Iran using Markov-switching Models
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...
متن کاملAsymmetric Effects of Monetary Policy in the United States
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 ...
متن کاملWill a common European monetary policy have asymmetric effects?
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 ...
متن کاملMonetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union
This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction and the number of these reversals depend on whether policies are unanticipated or anticipated. We also ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Estudos Econômicos (São Paulo)
سال: 2009
ISSN: 0101-4161
DOI: 10.1590/s0101-41612009000200002