Monetary policy and asymmetries in the Argentine business cycle

Danilo Trupkin

Revista de Economía Política de Buenos Aires, 2016, issue 15, 99-122

Abstract: This paper studies the asymmetries that are claimed to arise as a response to monetary policy shocks in Argentina. We build a regime-switching specification in order to investigate time variation in the response of the transitory component of output to monetary shocks. The results suggest time variation in the coefficients that describe the response of output, which can be well explained by the phase of the cycle. We also find support to Friedman’s “plucking” view of economic fluctuations, while other two features of the shocks (direction and size of the monetary policy) explain strongly the business cycle of Argentina.

Keywords: Asymmetries; Business Cycles; Monetary Policy; Regime-Switching (search for similar items in EconPapers)
JEL-codes: C32 E32 E52 (search for similar items in EconPapers)
Date: 2016
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