Abstract
This paper investigates asymmetric effects of monetary policy over the business cycle. A two-state Markov Switching Model is employed to model both recessions and expansions. For the United States and Germany, strong evidence is found that monetary policy is more effective in a recession than during a boom. Also some evidence is found for asymmetry in the United Kingdom and Belgium. In the Netherlands, monetary policy is not very effective in either regime.
| Original language | English |
|---|---|
| Publisher | s.n. |
| Number of pages | 42 |
| Publication status | Published - 1998 |
Keywords
- Ontwikkelingslanden
- Kapitaalvlucht
- 83.46;