scholarly journals Asymmetric Effects of Monetary Policy in Regional Housing Markets

2017 ◽  
Author(s):  
Knut Are Aastveit ◽  
Andrr K. Anundsen
Keyword(s):  
Monetary Policy ◽  
Housing Markets ◽  
Asymmetric Effects

scholarly journals Asymmetric effects of monetary policy in Brazil

2009 ◽  
Vol 39 (2) ◽  
pp. 277-300 ◽  
Author(s):  
Edilean Kleber da Silva Bejarano Aragón ◽  
Marcelo Savino Portugal
Keyword(s):  
Monetary Policy ◽  
Monetary Shocks ◽  
Monetary Policies ◽  
The Real ◽  
Asymmetric Effects ◽  
Real Effects ◽  
Markov Switching Models ◽  
Switching Models ◽  
The Business Cycle ◽  
Negative Shock

In this paper, we check whether the effects of monetary policy actions on output in Brazil are asymmetric. Therefore, we estimate Markov-switching models that allow positive and negative shocks to affect the growth rate of output in an asymmetric fashion in expansion and recession states. In general, results show that: i) the real effects of negative monetary shocks are larger than those of positive shocks in an expansion; ii) in a recession, the real effects of positive and negative shocks are the same; iii) there is no evidence of asymmetry between the effects of countercyclical monetary policies; and iv) it is not possible to assert that the effects of a positive (or negative) shock are dependent upon the phase of the business cycle.

scholarly journals The Monetary Policy Credibility Channel and the Amplification Effects in a Semi-structural Model

2020 ◽  
Vol 20 (201) ◽  
Author(s):  
Thitipat Chansriniyom ◽  
Natan Epstein ◽  
Valeriu Nalban
Keyword(s):  
Monetary Policy ◽  
Structural Model ◽  
Inflation Expectations ◽  
Extended Model ◽  
Inflation Target ◽  
Asymmetric Effects ◽  
Policy Frameworks ◽  
Integrated Policy ◽  
Policy Credibility ◽  
Central Bank Credibility

The paper extends a standard semi-structural model to account for nonlinear and asymmetric effects of monetary policy credibility. In our setting, central bank credibility is proportional to the deviation of inflation expectations from the announced inflation target, with positive deviations being more costly compared to negative ones. A loss in policy credibility as a result of shocks leads to a more persistent, backward-looking inflation process, and is associated with lower output. We find that the extended model with credibility effects matches well the key macroeconomic data over specific past episodes for Indonesia and Philippines and consider its adaptation to integrated policy frameworks as an area for further exploration.

Sign in / Sign up

Export Citation Format

Share Document