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Title:On the Hump-Shaped Output Effect of Monetary Policy in an Open Economy PDF Logo
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:Kieler Arbeitspapiere, IfW
Publikationen von Forscherinnen und Forschern des IfW

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