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Asymmetric Effects of Monetary Policy in Switzerland

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  • Carlos Lenz

Abstract

This study examines whether positive and negative money-supply shocks have asymmetric effects on output. The empirical evidence for Switzerland is in general consistent with the findings for other countries: negative shocks affect output more strongly in absolute terms than positive shocks. However, the results depend on the assumptions about the money-supply process, in particular with respect to the inclusion of variables representing foreign trade. The results therefore suggest that the degree of asymmetric effects of monetary policy on output depends on the openness of the economy.

Suggested Citation

  • Carlos Lenz, 1997. "Asymmetric Effects of Monetary Policy in Switzerland," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 133(III), pages 441-454, September.
  • Handle: RePEc:ses:arsjes:1997-iii-8
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    File URL: http://www.sjes.ch/papers/1997-III-8.pdf
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    Cited by:

    1. Sylvia Kaufmann, 2002. "Is there an asymmetric effect of monetary policy over time? A Bayesian analysis using Austrian data," Empirical Economics, Springer, vol. 27(2), pages 277-297.
    2. Ahrens, Steffen & Pirschel, Inske & Snower, Dennis J., 2014. "A theory of wage adjustment under loss aversion," Kiel Working Papers 1977, Kiel Institute for the World Economy (IfW).
    3. Annette Detken, 2002. "Nonlinearities in Swiss macroeconomic data," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 138(I), pages 39-60, March.

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