Do central banks act asymmetrically? Empirical evidence from the ECB and the bank of England
(2005)
Journal Article
Altavilla, C., & Landolfo, L. (2005). Do central banks act asymmetrically? Empirical evidence from the ECB and the bank of England. Applied Economics, 37(5), 507-519. https://doi.org/10.1080/0003684042000307072
The paper attempts to exploit whether monetary authorities have a different behaviour during recession and expansion. To this end, a multivariate extension of Hamilton Markov-switching model is adopted. First, regime dependent Taylor-type rules are e... Read More about Do central banks act asymmetrically? Empirical evidence from the ECB and the bank of England.