Download or read book The Asymmetric Effects of Monetary Policy on Job Creation and Destruction written by Mr.Pietro Garibaldi and published by International Monetary Fund. This book was released on 1997-04-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents theory and evidence on the asymmetric effects of monetary policy on job creation and job destruction. First, it solves a dynamic matching model and it shows how interest rate changes result in an asymmetric response of job creation and destruction. Second, it looks at how changes in the federal fund rate affect gross job flows in the U.S. manufacturing industry, and it finds evidence of asymmetry. Tight policy increases job destruction and reduces net employment changes. Conversely, easy policy appears ineffective in stimulating job creation.
Download or read book Are the Effects of Monetary Policy Asymmetric written by Garcia, René and published by Montréal : Université de Montréal, Dép. de sciences économiques. This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Are the Effects of Monetary Policy Asymmetric written by René Garcia and published by . This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Effects of Monetary Policy Shocks on Inequality written by Davide Furceri and published by International Monetary Fund. This book was released on 2017-01-18 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality.
Download or read book The Asymmetric Effects of Monetary Policy written by Richard Arden and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper offers evidence of the asymmetric effect of monetary policy on economic activity. First, asymmetric adjustment is captured in three macroeconomic relationships for investment, the consumer price deflator, inventories and house prices. These relationships are then embedded in a small macroeconometric model of the UK economy. Simulations on this model allow us to trace through the interactions of these asymmetries so that a monetary shock, measured by a change in interest rates, affects output and inflation in the short run in ways dependent both upon the sign of the shock and the initial state of the economy. A monetary easing has significantly larger effects on inflation when the economy is close to capacity compared with when it is in recession. These effects are captured by intrinsic asymmetries in the model, due to the use of the logarithm of interest rates and the logarithm of unemployment in the wage equation, as well as the asymmetries coming from the non-linearities which we have introduced explicitly.
Download or read book Asymmetric Effects of Monetary Policy written by Tiff Macklem and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent empirical studies examining the asymmetric effects of monetary shocks on economic activity do not systematically control for the non-monetary sources of fluctuations as well as the endogenous component of monetary policy. The evidence of asymmetry could simply reflect the failure to control for these omitted factors. In this paper, we reconsider the asymmetric effects of monetary shocks in the context of a small open economy using information from the yield curve to measure the stance of domestic monetary policy, while allowing both real and monetary foreign shocks to have asymmetric effects on output. Our principal finding is that while controlling for foreign factors dampens the asymmetry in the effects of exogenous domestic monetary shocks, there is nonetheless strong evidence of asymmetry when the effects of the exogenous and systematic components of the yield spread are considered jointly. We find no evidence of asymmetry in the effects of real factors.
Download or read book How Much Do We Understand about Asymmetric Effects of Monetary Policy written by and published by . This book was released on 2012 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Asymmetric Effects of Monetary Policy in the United States written by Hilal Hamed Al-Hasni and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Asymmetric Effects of Monetary Policy Shocks written by Kevalin Wangpichayasuk and published by . This book was released on 2001 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Are the Effect of Monetary Policy Asymmetric written by Garcia, René and published by Montréal : CIRANO. This book was released on 1995 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Asymmetric Effects of Monetary Policy written by Anna Florio and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper deals with the asymmetric effects on output of tight and easy monetary policy: the output reduction following a negative monetary policy shock appears bigger than the expansion induced by similar sized positive shock. The paper first reviews historical evidence of asymmetry, focusing on the United States, Japan and Italy. This is followed by a review of the econometric literature on monetary policy asymmetry and consideration of the theoretical reasons that can explain this asymmetry.
Download or read book Asymmetric Effects of Monetary Policy Easing and Tightening written by Davide Debortoli and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Asymmetric Effects of Economic Activityon Inflation written by Mr.Douglas Laxton and published by International Monetary Fund. This book was released on 1994-11-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the evidence on asymmetries in the effects of activity on inflation. Data for the G-7 countries are found to strongly support the view that the inflation-activity relationship is nonlinear, with high levels of activity raising inflation by more than low levels decrease it. In the face of such asymmetries, the average level of output in an economy subject to demand shocks will be below the level of output at which there is no tendency for inflation to rise or fall, contrary to the implications of linear models. One implication of these results is that policymakers can raise the average level of output over time by responding promptly to demand shocks, thus reducing the variance of output around trend.
Download or read book Asymmetric Effects of Monetary Policy written by Elizaveta Lukmanova and published by LAP Lambert Academic Publishing. This book was released on 2015-01-13 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical studies have documented the presence of asymmetric effects of monetary policy. In this monograph both empirical and theoretical research is conducted. Firstly, the literature on the asymmetric efects of monetary policy is surveyed. Secondly, an empirical analysis is done: the U.S. data is tested for the asymmetric efects of monetary policy using a Markov-switching model. Finally, as the main part, a theoretical analysis is conducted using a standard New Keynesian model with the Zero Lower Bound constraint on the nominal interest rate. The issue of asymmetries is important for the policymakers in order to conduct a monetary policy in the most effective way.
Download or read book Asymmetric Effects of Monetary Policy in the US written by Morten O. Ravn and published by . This book was released on 1997 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Are the Effects of Monetary Policy Asymmetric written by and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Asymmetric Effects of Monetary Policy Shocks on the Economic Performance written by Volkan Ulke and published by . This book was released on 2015 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates asymmetric effects of monetary policy shocks on the macroeconomic variables: exchange rate, output and inflation for an emerging economy, Turkey, by using monthly data between 1990 and 2014. The innovative nonlinear vector autoregressive model of Kilian and Vigfusson (2011), which allows us to observe the effect of different stance (tight or loose) and different size (small or large) of monetary policy action, is employed. The empirical evidence reveals that tight monetary policy, which is captured with a positive shock to interest rate, decrease the exchange rate, output and prices as the economic theory suggest. The effects of the loose monetary policy, which is captured with a negative shock to interest rate, have opposite an effect on these variables. However, the effects of the loose monetary policy are less than the effect of the tight monetary policy the easy monetary policy shocks are less effective than the tight monetary policy shocks. Moreover, as the magnitude of shock increases, the difference between the effects of tight and loose monetary policy policies increase.
