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 The Asymmetric Effects of Monetary Policy on Job Creation and Destruction written by Pietro Garibaldi and published by International Monetary Fund. This book was released on 1997-04 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The view that tight and easy monetary policy produces asymmetric effects on economic activity has long been recognized in policy debates and in the academic profession (Johnson, 1962). The behavior of the U.S. economy during the 1990-92 recession, when successive cuts in the federal fund rate failed to produce economic recovery, seemed to confirm the traditional view. Furthermore, recently collected empirical evidence for both the United States (De Long and Summers 1988, Cover 1992, Morgan 1993) and Europe (Karras, 1996) strongly support the hypothesis that negative money-supply shocks and/or increases in interest rates reduce output more than monetary expansions raise it.
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 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 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 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 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 Changing Effects of Monetary Policy in the U S Evidence from a Time Varying Coefficient VAR written by Christian Melzer and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We estimate a time-varying coefficient VAR model for the U.S. economy to analyse (i) if the effect of monetary policy on output has been changing systematically over time, and (ii) if monetary policy has asymmetric effects over the business cycle. We find that the impact of monetary policy shocks has been gradually declining over the sample period (1962-2002), as some theories of the monetary transmission mechanism imply. In addition, our results indicate that the effects of monetary policy are greater in a recession than in a boom
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 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 United States Monetary Policy on the Economy of Puerto Rico written by José I. Alameda Lozada and published by . This book was released on 1998 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Regional Aspects of Monetary Policy in Europe written by Jürgen von Hagen and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary union has dawned in Europe. Now that the common currency is a reality, questions concerning the practical conduct of monetary policy in the European Monetary Union (EMU) are moving to the forefront of the policy debate. Among these, one of the most critical is how the new monetary union will cope with the large heterogeneity of its member economies. Given the large differences in economic and financial structures among the EMU member states, monetary policy is likely to affect different member economies in different ways. Regional Aspects of Monetary Policy in Europe collects the proceedings of an international conference held at the Center for European Integration Studies of the University of Bonn, dedicated to this issue. The contributions to this conference fall into two parts. The first part consists of empirical and theoretical studies of the regional effects of monetary policy in heterogeneous monetary unions. The second part consists of papers analyzing the political economy of monetary policy in a monetary union of heterogeneous regions or member states. The papers all support the conclusion that regional differences in the responses to a common monetary policy will make European monetary policy especially difficult in the years to come. Such differences arise from a variety of sources, and they cannot be expected to be mere teething troubles that will disappear after a while. Even if they were ignored in the run-up to the EMU, Europe's central bankers and economic policy makers will have to learn how to cope with such differences in the future.
Download or read book Making Waves written by Michele Ca'Zorzi and published by . This book was released on 2021 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares the international transmission of European Central Bank (ECB) and Federal Reserve System (Fed) monetary policy in a unified framework, identifying pure monetary policy shocks purged of bias from central bank information effects. The estimates reveal a stark asymmetry in the global spillovers from ECB and Fed monetary policy: Fed monetary policy shocks have a significant impact on euro area financial conditions and real activity, while ECB monetary policy shocks do not have a similar effect on the United States (US). Fed monetary policy shocks also affect real and financial variables in the rest of the world more than ECB monetary policy shocks.
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 with total page 56 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 Effects of Monetary Policy on the United States Economy written by Gordon Fisher and published by . This book was released on 1972 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Asymmetric Effects of Fed Policy on Interest Rates written by Dennis Wang and published by . This book was released on 2014 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates asymmetric effects of monetary policy actions on interest rates. I find that the response of interest rates to monetary policy surprises is large and highly significant in the low volatility state. In contrast, interest rates' response to monetary policy is insignificant in the high volatility periods during which the turbulence in the market hinders the ability of market participants to discern the monetary policy stance.
Download or read book Asymmetric Effects of Government Spending written by Michael B. Devereux and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-01-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically explores how fiscal policy (represented by increases in government spending) has asymmetric effects on economic activity at different levels of real interest rates. It suggests that the effect of fiscal policy depends on the level of real rates, since the Ricardian effect is smaller at lower financing costs of fiscal policy. Using threshold regression models on U.S. data, the paper provides new evidence that expansionary government spending is more conducive to short-run growth when real rates are low. It also finds asymmetric effects on interest rates and inflation, and threshold effects associated with substitution between financing methods.
