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 |
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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 |
| _version_ | 1797369450153902080 |
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| author | Seyed Ahmad Reza Jalali Naieni Fatemeh Nazifi |
| author_facet | Seyed Ahmad Reza Jalali Naieni Fatemeh Nazifi |
| author_sort | Seyed Ahmad Reza Jalali Naieni |
| collection | DOAJ |
| description | 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 are the primary reasons for the asymmetric effects. This paper tests this proposition by utilizing three different methods, namely Two - Step OLS procedure used by Barro, Nonlinear Least Squares and SUR, for the Iranian economy during the period 1959 - 1990. The results support the hypothesis of asymmetric effects of monetary shocks. More specifically, positive shocks have no significant effects on output growth while negative shocks have a negative effect on output growth. |
| first_indexed | 2024-03-08T17:47:04Z |
| format | Article |
| id | doaj.art-7271d5106fa84b9db63ee9002eac4b10 |
| institution | Directory Open Access Journal |
| issn | 1726-0728 2476-6445 |
| language | fas |
| last_indexed | 2024-03-08T17:47:04Z |
| publishDate | 2001-09-01 |
| publisher | Allameh Tabataba'i University Press |
| record_format | Article |
| series | فصلنامه پژوهشهای اقتصادی ایران |
| spelling | doaj.art-7271d5106fa84b9db63ee9002eac4b102024-01-02T10:27:26ZfasAllameh Tabataba'i University Pressفصلنامه پژوهشهای اقتصادی ایران1726-07282476-64452001-09-013شماره 9 (پاییز و زمستان 1380)13413813ASYMMETRIC EFFECTS OF MONETARY SHOCKS ON OUTPUTSeyed Ahmad Reza Jalali Naieni0Fatemeh Nazifi1Faculty member of the Higher Research Institute in Planning and DevelopmentPhD student in Economics, Allameh Tabatabai UniversityThis 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 are the primary reasons for the asymmetric effects. This paper tests this proposition by utilizing three different methods, namely Two - Step OLS procedure used by Barro, Nonlinear Least Squares and SUR, for the Iranian economy during the period 1959 - 1990. The results support the hypothesis of asymmetric effects of monetary shocks. More specifically, positive shocks have no significant effects on output growth while negative shocks have a negative effect on output growth.https://ijer.atu.ac.ir/article_3813_e37ee934c8208beb7d20f0983984db2a.pdf |
| spellingShingle | Seyed Ahmad Reza Jalali Naieni Fatemeh Nazifi ASYMMETRIC EFFECTS OF MONETARY SHOCKS ON OUTPUT فصلنامه پژوهشهای اقتصادی ایران |
| title | ASYMMETRIC EFFECTS OF MONETARY SHOCKS ON OUTPUT |
| title_full | ASYMMETRIC EFFECTS OF MONETARY SHOCKS ON OUTPUT |
| title_fullStr | ASYMMETRIC EFFECTS OF MONETARY SHOCKS ON OUTPUT |
| title_full_unstemmed | ASYMMETRIC EFFECTS OF MONETARY SHOCKS ON OUTPUT |
| title_short | ASYMMETRIC EFFECTS OF MONETARY SHOCKS ON OUTPUT |
| title_sort | asymmetric effects of monetary shocks on output |
| url | https://ijer.atu.ac.ir/article_3813_e37ee934c8208beb7d20f0983984db2a.pdf |
| work_keys_str_mv | AT seyedahmadrezajalalinaieni asymmetriceffectsofmonetaryshocksonoutput AT fatemehnazifi asymmetriceffectsofmonetaryshocksonoutput |