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| Author: | Senda, T. |
| Title: | Asymmetric effects of money supply shocks and trend inflation |
| Journal: | Journal of Money, Credit and Banking
2001 : FEB, VOL. 33:1, p. 65-89 |
| Index terms: | ECONOMIC SHOCKS INFLATION MONEY SUPPLY |
| Freeterms: | ASYMMETRIC EFFECTS |
| Language: | eng |
| Abstract: | This paper considers a possible explanation for the asymmetric effects of money supply shocks. Based on a sticky price theory, the author derives the following two predictions: First, the relationship between trend inflation and the degree of asymmetry is not simply monotonic; instead, increases in inflation beyond some level can actually reduce the degree of asymmetry. Secondly, the degree of asymmetry is high in countries where the standard deviation of nominal GDP growth is high. |
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