| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP2239
|
| DP2239 Breaking Down Married Female Non-Employment in France |
| Guy Laroque; Bernard Salanie
|
| 发表日期 | 1999-09-30
|
| 出版年 | 1999
|
| 语种 | 英语
|
| 摘要 | In this paper, we provide empirical evidence for the Spanish economy, over the period 1977-97, on whether monetary policy shocks have had different effects on real output growth depending on the state of the business cycle. To do so, we adopt an extension of Hamilton's (1989) Markov Switching Model, as recently proposed by García and Schaller (1995), where shocks to an interest rate policy rule followed by the Bank of Spain are allowed to affect both the growth rate of output and the transition probabilities of moving from one phase to another. The analysis is carried out both at the aggregate level and the sectorial level, with the aim of addressing the following questions: (i) Does monetary policy have the same effect regardless of the current phase of economic fluctuations?, (ii) Does monetary policy only have an incremental effect on output growth rate within a given state or does it also affect the probability of state switch, and, (iii) How do the aggregate and sectorial results compare? |
| 主题 | International Macroeconomics
|
| 关键词 | Interest rate shocks
monetary policy
State asymmetries
Switching regime models
|
| URL | https://cepr.org/publications/dp2239
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531340
|
推荐引用方式
GB/T 7714 |
Guy Laroque,Bernard Salanie. DP2239 Breaking Down Married Female Non-Employment in France. 1999.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
