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Monetary Policy and Business Cycle Asymmetry in Germany

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  2. Economics, Finance, Business & Management
  3. Credit and Capital Markets – Kredit und Kapital
  4. Vol. 33, Issue 2
  5. pp. 182–197

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Kakes, J. Monetary Policy and Business Cycle Asymmetry in Germany. Credit and Capital Markets – Kredit und Kapital, 33(2), 182-197. https://doi.org/10.3790/ccm.33.2.182
Kakes, Jan "Monetary Policy and Business Cycle Asymmetry in Germany" Credit and Capital Markets – Kredit und Kapital 33.2, 2000, 182-197. https://doi.org/10.3790/ccm.33.2.182
Kakes, Jan (2000): Monetary Policy and Business Cycle Asymmetry in Germany, in: Credit and Capital Markets – Kredit und Kapital, vol. 33, iss. 2, 182-197, [online] https://doi.org/10.3790/ccm.33.2.182
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Monetary Policy and Business Cycle Asymmetry in Germany

Kakes, Jan

Credit and Capital Markets – Kredit und Kapital, Vol. 33 (2000), Iss. 2 : pp. 182–197

1 Citations (CrossRef)

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.33.2.182
Language
Multiple languages
Pages
16

Author Details

Jan Kakes, Amsterdam

Cited By

  1. Économétrie des modèles à changement de régimes : un essai de synthèse

    Uctum, Remzi

    L'Actualité économique, Vol. 83 (2008), Iss. 4 P.447

    https://doi.org/10.7202/019389ar [Citations: 0]

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Abstract

Monetary Policy and Business Cycle Asymmetry in Germany

In this paper, we investigate whether the impact of monetary policy on industrial production in Germany is larger in a recession than during a boom. Using a two-state Markov Switching Model to separate recessions and expansions, and three different policy indicators, we find strong evidence of asymmetric effects of monetary policy over the business cycle. Our findings imply that standard linear approaches, such as VAR models, ignore important time-varying aspects of the monetary transmission mechanism. (JEL E32, E52)

Table of Contents

Section Title Page Action Price
Jan Kakes: Monetary Policy and Business Cycle\rAsymmetry in Germany 182
I. Introduction 182
II. Methodology 184
III. Results 188
IV. Concluding remarks 193
V. Data appendix 195
References 195
Summary: Monetary Policy and Business Cycle Asymmetry in Germany 196
Zusammenfassung: Geldpolitik und Konjunkturasymmetrie in Deutschland 197
Résumé: Politique monétaire et asymétrie du cycle des affaires en Allemagne 197

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