Cerqueira, Vinícius dos Santos; Ribeiro, Márcio Bruno; … - 2011
monetary shocks have asymmetric effects on output growth and inflation. Regarding to the business cycle, contractionary … monetary shocks showed stronger effects in low-growth states while expansionary shocks were stronger in highergrowth periods …. In addition, we found that inflation and output growth are rigid to countercyclical monetary shocks. …