Asymmetric Effects of Monetary Policy

研究成果: Article同行評審

摘要

In this paper, we first use a structural vector autoregression model to examine whether the US economy responds asymmetrically to expansionary and contractionary monetary policies. The empirical results show that monetary policy has significant asymmetric effects on output and investment. To provide an explanation of such asymmetries, we consider a nonlinear dynamic stochastic general equilibrium (DSGE) model in which collateral constraints are occasionally binding over the business cycle. The nonlinear DSGE model is able to match the empirical findings that macroeconomic aggregates react asymmetrically to positive and negative monetary policy shocks.

原文English
頁(從 - 到)425-447
頁數23
期刊B.E. Journal of Macroeconomics
21
發行號2
DOIs
出版狀態Published - 2021 6月 1

All Science Journal Classification (ASJC) codes

  • 經濟學與計量經濟學

指紋

深入研究「Asymmetric Effects of Monetary Policy」主題。共同形成了獨特的指紋。

引用此