A survey of complementaries in growth and location theories
Thijs Knaap ()
No 98C44, Research Report from University of Groningen, Research Institute SOM (Systems, Organisations and Management)
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.
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Persistent link: https://EconPapers.repec.org/RePEc:gro:rugsom:98c44
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