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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/18094| Title: | Asymmetric monetary policy effects in Germany |
| Keywords: | E44 E5 E32 C32 C51 ddc:330 Asymmetry monetary policy Markov switching structural model Geldpolitik Konjunktur Schätzung Deutschland Markov switching |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Deutsches Institut für Wirtschaftsforschung (DIW) Berlin |
| 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. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/18094 |
| Other Identifiers: | http://hdl.handle.net/10419/18094 ppn:381836150 |
| Appears in Collections: | EconStor |
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