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http://hdl.handle.net/10419/17764
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| Title: | | On the Hump-Shaped Output Effect of Monetary Policy in an Open Economy  |
| Authors: | | Pierdzioch, Christian Yener, Serkan |
| Issue Date: | | 2004 |
| Series/Report no.: | | Kieler Arbeitspapiere 1214 |
| Abstract: | | Results of empirical research have revealed a characteristic hump-shaped effect of monetary policy shocks on output: the effect builds to a peak after several months and then gradually dies out. We analyze, in the context of a "new open economy macroeconomics" model, factors that imply a hump- shaped effect of a monetary policy shock on output. We find that a hump- shaped effect of output is likely to result if the model features a "catching up with the Joneses" effect, pricing-to-market behavior of firms, and imperfect international financial market integration. |
| Subjects: | | Monetary policy Catching up with the Joneses Pricing-to-market International financial markets |
| JEL: | | F31 F32 F41 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Kieler Arbeitspapiere, IfW
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