Ammer, John; Brunner, Allan D. - Federal Reserve Board (Board of Governors of the … - 1995
the possible asymmetric effects of monetary policy. Overall, we interpret our results as weak evidence in favor of sticky … asymmetries with respect to contractionary/expansionary monetary policy fit the data better than models that allow for asymmetries … associated with the state of the business cycle. Second, we find that contractionary monetary policy shocks have a much larger …