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

  • Georgios Karras
  • Houston Stokes

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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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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