کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
975607 1480193 2007 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Business cycles and monetary policy asymmetry: An investigation using Markov-switching models
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات فیزیک ریاضی
پیش نمایش صفحه اول مقاله
Business cycles and monetary policy asymmetry: An investigation using Markov-switching models
چکیده انگلیسی
This study assesses empirically the effects of monetary policy on four ASEAN economies in different states. The idea of asymmetry is being examined by using the relatively popular technique of non-linear modeling-Hamilton's Markov regime-switching model. The findings confirmed the existence of two-regimes in all economies under study. Additionally, the null hypothesis of symmetry had been rejected in the case of the four economies and to a great extent, monetary policy was confirmed to have had larger effects during recessions. These findings, thus, may imply the important role that credit market imperfections have on a firm's investment behavior, which in turn suggests that the financial accelerator is a relevant mechanism underscoring the observed asymmetry.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Physica A: Statistical Mechanics and its Applications - Volume 380, 1 July 2007, Pages 297-306
نویسندگان
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