Capital flight and political risk
This paper investigates asymmetric effects of monetary policy over the business cycle. A two-state Markov Switching Model is employed to model both recessions and expansions. For the United States and Germany, strong evidence is found that monetary policy is more effective in a recession than during a boom. Also some evidence is found for asymmetry in the United Kingdom and Belgium. In the Netherlands, monetary policy is not very effective in either regime.
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Volume (Year): 19 (2000)
Issue (Month): 1 (February)
Pages: 73-92
| Handle: | RePEc:eee:jimfin:v:19:y:2000:i:1:p:73-92 |
| Contact details of provider: | Web page: http://www.elsevier.com/locate/inca/30443
|
References listed on IDEAS
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