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Regional VARs and the channels of monetary policy

Michael Owyang () and Howard Wall ()

Applied Economics Letters, 2009, vol. 16, issue 12, 1191-1194

Abstract: We find that the magnitudes of the regional effects of monetary policy were considerably dampened during the Volcker-Greenspan era. For this era, regional differences in the depths and total costs of monetary-policy-induced recessions were related to the concentration of the banking sector.

Date: 2009
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