The asymmetric effects of monetary policy in four Asian economies
The asymmetric effects of monetary policy in four Asian economies
The idea that the effectiveness of monetary policy measures may depend on the state of the economy
is examined for four Asian economies using a generalized Hamilton Markov switching model of output due
to Garcia and Schaller (2002). The null hypothesis of symmetry is rejected for these economies and monetary
policy is seen to have larger effects during downturns than during upswings.
monetary policy, asymmetric effects, markov switching model, asian economies
1-7
Hooi, Tan Siow
c42a4722-efac-433f-8979-13eb3f06c1d7
Habibullah, Muzafar Shah
1a2e0b22-25d8-4837-af10-b98b03a59ac1
Smith, Peter
7085f0ad-c538-4208-80f4-e9b3fd36b365
December 2007
Hooi, Tan Siow
c42a4722-efac-433f-8979-13eb3f06c1d7
Habibullah, Muzafar Shah
1a2e0b22-25d8-4837-af10-b98b03a59ac1
Smith, Peter
7085f0ad-c538-4208-80f4-e9b3fd36b365
Hooi, Tan Siow, Habibullah, Muzafar Shah and Smith, Peter
(2007)
The asymmetric effects of monetary policy in four Asian economies.
International Applied Economics and Management Letters, 1 (3), .
Abstract
The idea that the effectiveness of monetary policy measures may depend on the state of the economy
is examined for four Asian economies using a generalized Hamilton Markov switching model of output due
to Garcia and Schaller (2002). The null hypothesis of symmetry is rejected for these economies and monetary
policy is seen to have larger effects during downturns than during upswings.
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Published date: December 2007
Keywords:
monetary policy, asymmetric effects, markov switching model, asian economies
Identifiers
Local EPrints ID: 80302
URI: http://eprints.soton.ac.uk/id/eprint/80302
PURE UUID: eff2caf6-86c8-442c-8ab9-889b60d58934
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Date deposited: 24 Mar 2010
Last modified: 10 Dec 2021 17:37
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Author:
Tan Siow Hooi
Author:
Muzafar Shah Habibullah
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