Why are the effects of money-supply shocks asymmetric? Evidence from prices, consumption, and investment

Journal of Macroeconomics

Volumn 21, Issue 4, 1999, Pages 713-727

  Karras, Georgios ^a   Stokes, Houston H ^a  

^a UNIVERSITY OF ILLINOIS AT CHICAGO   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0033469438     PISSN: 01640704     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0164-0704(99)80003-2     Document Type: Article

References (19)

1. Ball, Laurence, and N. Gregory Mankiw. "Asymmetric Price Adjustment and Economic Fluctuations." Economic Journal 104 (1994): 247-61.
2. Barro, Robert J. "Unanticipated Money Growth and Unemployment in the United States." American Economic Review 67 (1977): 101-15.
3. _. "Unanticipated Money, Output, and the Price Level in the United States." Journal of Political Economy 86 (1978): 549-80.
4. Bernanke, Ben S. "Credit in the Macroeconomy." Federal Reserve Bank of New York Quarterly Review 18 (Spring 1993): 50-70.
5. Buckle, Robert A., and John A. Carlson. "Inflation and Asymmetric Output Adjustments by Firms." Economic Inquiry 36 (1998): 215-28.
6. Caballero, Ricardo J., and Eduardo M. R. A. Engel. "Price Rigidities, Asymmetries, and Output Fluctuations." NBER Working Paper No. 4091, June 1992.
7. Cover, James Peery. "Asymmetric Effects of Positive and Negative Money-Supply Shocks." Quarterly Journal of Economics 107 (1992): 1261-82.
8. De Long, J. Bradford, and Lawrence Summers. "How Does Macroeconomic Policy Affect Output?" Brookings Papers on Economic Activity 2 (1988): 433-80.
9. Doan, Thomas. RATS User's Manual: Version 4. Evanston, Illinois, 1992.
10. Evans, Paul. "Does the Potency of Monetary Policy Vary with Capacity Utilization?" Carnegie-Rochester Conference Series on Public Policy 24 (1986): 303-32.
11. Karras, Georgios. "Are the Output Effects of Monetary Policy Asymmetric? Evidence from a Sample of European Countries." Oxford Bulletin of Economics and Statistics 58 (1996a): 267-78.
12. _. "Why Are the Effects of Money-Supply Shocks Asymmetric? Convex Aggregate Supply or 'Pushing on a String'?" Journal of Macroeconomics 18 (1996b): 605-19.
13. Karras, Georgios, and Houston H. Stokes. "On the Asymmetric Effects of Money-Supply Shocks: Evidence from a Panel of OECD Countries" Applied Economics, forthcoming.
14. Lindbeck, Assar, and Dennis J. Snower. The Insider-Outsider Theory of Employment and Unemployment. Cambridge, Mass.: The MIT Press, 1989.
15. Mishkin, Frederic S. "Does Anticipated Policy Matter? An Econometric Investigation." Journal of Political Economy 90 (1982): 22-51.
16. _. A Rational Expectations Approach to Macroeconometrics. Chicago: University of Chicago Press, 1983.
17. Morgan, Donald P. "Asymmetric Effects of Monetary Policy." Federal Reserve Bank of Kansas City Economic Review 78 (1993): 21-33.
18. Olekalns, Nilss. "The Effect of Nominal Demand Shocks on Manufacturing Output: Evidence from Disaggregated Australian Data." Economic Record 71 (1995): 66-76.
19. Rhee, Wooheon, and Robert W. Rich. "Inflation and the Asymmetric Effects of Money on Output Fluctuations." Journal of Macroeconomics 17 (1995): 683-702.