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http://hdl.handle.net/10419/18094
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| Title: | | Asymmetric monetary policy effects in Germany  |
| Authors: | | Tober, Silke Kuzin, Vladimir N. |
| Issue Date: | | 2004 |
| Series/Report no.: | | DIW-Diskussionspapiere 397 |
| Abstract: | | In a small structural model we find asymmetries in the effects of monetary policy in Germany depending on whether the economy is in an upswing or a downswing. These two different regimes are also identified using a Markov-switching model and the Kalman filter. Our results indicate that the effects of monetary policy are significantly higher in a downswing than in an upswing. It follows not only that monetary policy has to raise interest rates markedly if an economy is overheating but also that once a downturn is discernible, interest rates have to be lowered rapidly so as to prevent an overly large reaction of the real economy. |
| Subjects: | | Asymmetry monetary policy Markov switching structural model |
| JEL: | | E44 E5 E32 C32 C51 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des DIW DIW-Diskussionspapiere
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