Asymmetric monetary policy effects in EMU
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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The views expressed in this paper are not necessarily held by the Bank and are the personal responsibility of the authors.
متن کاملEmu, Monetary Policy and the Role of Financial Constraints
This paper presents some preliminary findings on the impact of a single European monetary policy on industrial performance. Literature on the potential for differential monetary policy impact to drive asymmetric responses across the Union is surveyed, and the importance of the credit channel of policy is identified. The key role of financial constraints on firms is noted. A different treatment ...
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ژورنال
عنوان ژورنال: Applied Economics
سال: 2006
ISSN: 0003-6846,1466-4283
DOI: 10.1080/00036840600581497