| dc.creator |
Tober, Silke |
|
| dc.creator |
Kuzin, Vladimir N. |
|
| dc.date |
2004 |
|
| dc.date.accessioned |
2013-10-16T06:58:16Z |
|
| dc.date.available |
2013-10-16T06:58:16Z |
|
| dc.date.issued |
2013-10-16 |
|
| dc.identifier |
http://hdl.handle.net/10419/18094 |
|
| dc.identifier |
ppn:381836150 |
|
| dc.identifier.uri |
http://koha.mediu.edu.my:8181/xmlui/handle/10419/18094 |
|
| dc.description |
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. |
|
| dc.language |
eng |
|
| dc.publisher |
Deutsches Institut für Wirtschaftsforschung (DIW) Berlin |
|
| dc.relation |
DIW-Diskussionspapiere 397 |
|
| dc.rights |
http://www.econstor.eu/dspace/Nutzungsbedingungen |
|
| dc.subject |
E44 |
|
| dc.subject |
E5 |
|
| dc.subject |
E32 |
|
| dc.subject |
C32 |
|
| dc.subject |
C51 |
|
| dc.subject |
ddc:330 |
|
| dc.subject |
Asymmetry |
|
| dc.subject |
monetary policy |
|
| dc.subject |
Markov switching |
|
| dc.subject |
structural model |
|
| dc.subject |
Geldpolitik |
|
| dc.subject |
Konjunktur |
|
| dc.subject |
Schätzung |
|
| dc.subject |
Deutschland |
|
| dc.subject |
Markov switching |
|
| dc.title |
Asymmetric monetary policy effects in Germany |
|
| dc.type |
doc-type:workingPaper |
|