Journal of CENTRUM Cathedra

URI permanente para esta comunidadhttp://54.81.141.168/handle/123456789/194723

Explorar

Selecciona resultados tecleando las primeras letras
Mostrando 1 - 1 de 1
  • Miniatura
    ÍtemAcceso Abierto
    The Asymmetric Effects of Monetary Policy in General Equilibrium
    (Pontificia Universidad Católica del Perú. CENTRUM, 2008) Castillo, Paul; Montoro, Carlos
    The study involved extending a dynamic general equilibrium neoKeynesian model by considering preferences that exhibit intertemporal nonhomotheticity. Introducing this feature generates a state-dependent intertemporal elasticity of substitution, which induces asymmetric shifts in aggregate demand in response to monetary policy shocks. The effect, in combination with a convex Phillips curve, generates in equilibrium asymmetric responses in output and inflation to monetary policy shocks similar to those observed in the data. In particular, a higher response of both output and inflation to policy shocks exists when economy growth is temporarily high than temporarily low.