政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/73969

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113648/144635 (79%)
Visitors : 51577096 Online Users : 956

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/73969

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/73969

Title:	Are the Effects of Monetary Policy Asymmetric? The Case of Taiwan
Authors:	Shen, Chung-Hua 沈中華
Contributors:	金融系
Keywords:	Asymmetric monetary policy;Inverted L-shaped AS;Markov switching;Recessionary dating
Date:	2000
Issue Date:	2015-03-24 11:44:29 (UTC+8)
Abstract:	This article examines Taiwan data to determine whether or not output asymmetrically responds to monetary policy shocks. Two asymmetries are defined. For the first asymmetric effect, referred to as the TE effect, an inverted L-shaped aggregate supply curve with negative-sloped equilibrium locus is proposed. This AS curve implies that the effect of an easy monetary policy differs in different inflation regimes. The easy monetary policy is expected to have a positive effect, no effect, and a negative effect on output during low, high, and very high inflation regimes, respectively. Our results support this hypothesis. Results regarding the second asymmetric effect, referred to as RE asymmetry, are contradictory. Different classifications of recessions yield contradictory results. By employing official classification, monetary policy shocks support the RE asymmetric hypothesis. The data, however, are not overwhelmingly in favor of the RE asymmetric hypothesis using Markov switching dating. Because the dates of recessions are markedly different for the two classifications, the results demand a more in-depth probe into business cycle dating.
Relation:	Journal of Policy Modeling - J POLICY MODELING , vol. 22, no. 2, pp. 197-218
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/S0161-8938(98)00025-8
DOI:	10.1016/S0161-8938(98)00025-8
Appears in Collections:	[金融學系] 期刊論文

Files in This Item:

File	Description	Size	Format
S0161893898000258.pdf		372Kb	Adobe PDF2	913	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...