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Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1214
Verlag: 
Kiel Institute for World Economics (IfW), Kiel
Zusammenfassung: 
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.
Schlagwörter: 
Monetary policy
Catching up with the Joneses
Pricing-to-market
International financial markets
JEL: 
F31
F32
F41
Dokumentart: 
Working Paper

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