A classification of empirical CGE modelling
Year: 1998
Type: preprint
Abstract: 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.
Author: Mark Thissen
Language: English
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1588710853