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Monetary shocks, inflation and the asymmetric adjustment of UK industrial output

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  • Mark Holmes

Abstract

There is evidence that real output responds asymmetrically to monetary shocks. Models advanced by Tsiddon and Ball and Mankiw argue that the degree of asymmetry to demand shocks is sensitive to inflation. Using data on manufacturing, services, construction, energy and agricultural output, this study tests whether this is the case for UK industry. Maximum likelihood estimation offers confirmation for manufacturing and construction output but evidence is much weaker in the cases of service, energy and agricultural sector output.

Suggested Citation

  • Mark Holmes, 2000. "Monetary shocks, inflation and the asymmetric adjustment of UK industrial output," Applied Economics Letters, Taylor & Francis Journals, vol. 7(3), pages 159-163.
    • Handle: RePEc:taf:apeclt:v:7:y:2000:i:3:p:159-163
    DOI: 10.1080/135048500351717
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    Cited by:

    1. Katrakilidis, Constantinos & Trachanas, Emmanouil, 2012. "What drives housing price dynamics in Greece: New evidence from asymmetric ARDL cointegration," Economic Modelling, Elsevier, vol. 29(4), pages 1064-1069.
    2. Juan de Dios Tena, 2006. "The Impact of Non-financial Factors on Heterogeneous Sectoral Price and Output," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot, Berlin, vol. 52(3), pages 19-29.
    3. Ridhwan, M.M. & Nijkamp, P. & Rietveld, P., 2008. "Regional development and monetary policy : a review of the role of monetary unions, capital mobility and locational effects," Serie Research Memoranda 0007, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.

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