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Causal loops in long-term supply relationships : theory and evidence from the United States

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  • Jong, Gjalt de

    (Groningen University)

Abstract

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.

Suggested Citation

  • Jong, Gjalt de, 1998. "Causal loops in long-term supply relationships : theory and evidence from the United States," Research Report 98B38, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    • Handle: RePEc:gro:rugsom:98b38
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    File URL: http://irs.ub.rug.nl/ppn/174869150
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