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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/17764| Title: | On the Hump-Shaped Output Effect of Monetary Policy in an Open Economy |
| Keywords: | F31 F32 F41 ddc:330 Monetary policy Catching up with the Joneses Pricing-to-market International financial markets Geldpolitik Schock Gesamtwirtschaftliche Produktion Neue Makroökonomik offener Volkswirtschaften Theorie |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel |
| Description: | 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. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/17764 |
| Other Identifiers: | http://hdl.handle.net/10419/17764 ppn:389161829 |
| Appears in Collections: | EconStor |
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