ASYMMETRIC EFFECTS OF MONETARY SHOCKS ON OUTPUT
This paper tests whether positive and negative monetary shocks have symmetric effects on output growth. The new classical models imply symmetric effects. While new Keynesian models predict asymmetric effects. New Keynesians argue credit rationing and the downward inflexibility of wages and prices ar...
| Main Authors: | , |
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| Format: | Article |
| Language: | fas |
| Published: |
Allameh Tabataba'i University Press
2001-09-01
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| Series: | فصلنامه پژوهشهای اقتصادی ایران |
| Online Access: | https://ijer.atu.ac.ir/article_3813_e37ee934c8208beb7d20f0983984db2a.pdf |