Regional Asymmetries in the Impact of Monetary Policy Shocks on Prices: Evidence from US Cities

David Fielding and Kalvinder Shields

No 702, Working Papers from University of Otago, Department of Economics

Abstract: Deviations from the Law of One Price across US cities are smaller than corresponding international deviations, but nevertheless substantial. We find that a proportion of these deviations can be explained by asymmetric responses to federal monetary policy shocks, and that a large part of the asymmetry can be explained by city-specific economic characteristics.

Keywords: Law of One Price; monetary policy shocks (search for similar items in EconPapers)
JEL-codes: E31 E52 R19 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2007-02, Revised 2007-02
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Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Regional Asymmetries in the Impact of Monetary Policy Shocks on Prices: Evidence from US Cities (2011)
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