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A survey of complementaries in growth and location theories

  • Knaap, T.

    (Groningen University)

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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File URL: http://irs.ub.rug.nl/ppn/175976074
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Paper provided by University of Groningen, Research Institute SOM (Systems, Organisations and Management) in its series Research Report with number 98C44.

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Date of creation: 1998
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Handle: RePEc:dgr:rugsom:98c44
Contact details of provider: Postal: PO Box 800, 9700 AV Groningen
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