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On the asymmetric effects of money-supply shocks: international evidence from a panel of OECD countries

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  • Georgios Karras
  • Houston Stokes

Abstract

We examine whether the asymmetric effect of money on output is an international phenomenon, and investigate the reasons for this asymmetry. Quarterly data from the 1963-93 period for a panel of twelve OECD countries strongly support asymmetry internationally: negative money-supply shocks are shown to have a stronger effect on output than positive shocks. Our methodology also enables us to distinguish between two sets of theories consistent with the output asymmetries: a convex aggregate supply and a credit view. We find that the effects of money on prices are generally symmetric, which may be consistent with both sets of theories being operative at once.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/000368499324453
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 31 (1999)
Issue (Month): 2 ()
Pages: 227-235

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Handle: RePEc:taf:applec:v:31:y:1999:i:2:p:227-235

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Cited by:
  1. Ahrens, Steffen & Pirschel, Inske & Snower, Dennis J., 2014. "A Theory of Price Adjustment under Loss Aversion," IZA Discussion Papers 8138, Institute for the Study of Labor (IZA).
  2. Tkacz, Greg, 2001. "Endogenous thresholds and tests for asymmetry in US prime rate movements," Economics Letters, Elsevier, vol. 73(2), pages 207-211, November.
  3. Anna Florio, 2005. "Asymmetric monetary policy: empirical evidence for Italy," Applied Economics, Taylor & Francis Journals, vol. 37(7), pages 751-764.

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