The Asymmetric Effects of Monetary Policy in General Equilibrium

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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...

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Detalles Bibliográficos
Autores: Castillo, Paul, Montoro, Carlos
Formato: artículo
Fecha de Publicación:2008
Institución:Pontificia Universidad Católica del Perú
Repositorio:PUCP-Institucional
Lenguaje:inglés
OAI Identifier:oai:repositorio.pucp.edu.pe:20.500.14657/194754
Enlace del recurso:https://repositorio.pucp.edu.pe/index/handle/123456789/194754
Nivel de acceso:acceso abierto
Materia:Nonhomothetic preferences
Asymmetric effects of monetary policy
Optimal monetary policy
Perturbation methods
https://purl.org/pe-repo/ocde/ford#5.02.04
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spelling Castillo, PaulMontoro, Carlos2023-07-21T19:18:07Z2023-07-21T19:18:07Z2008https://repositorio.pucp.edu.pe/index/handle/123456789/194754The 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.engPontificia Universidad Católica del Perú. CENTRUMPEurn:issn:1851-6599info:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by/4.0Journal of CENTRUM Cathedra, Vol. 1, Issue 2reponame:PUCP-Institucionalinstname:Pontificia Universidad Católica del Perúinstacron:PUCPNonhomothetic preferencesAsymmetric effects of monetary policyOptimal monetary policyPerturbation methodshttps://purl.org/pe-repo/ocde/ford#5.02.04The Asymmetric Effects of Monetary Policy in General Equilibriuminfo:eu-repo/semantics/articleArtículoORIGINALJCC-1.2-11.pdfJCC-1.2-11.pdfTexto completoapplication/pdf389595https://repositorio.pucp.edu.pe/bitstreams/61d4eace-1a2b-4e74-bf1e-c94cca183fe4/download7176036a570c3ab9be191f4782d08a0dMD51trueAnonymousREADTHUMBNAILJCC-1.2-11.pdf.jpgJCC-1.2-11.pdf.jpgIM Thumbnailimage/jpeg29256https://repositorio.pucp.edu.pe/bitstreams/cca1354e-5f59-4354-ab60-cfb73801cf9e/download96e8726c0c8bfa93b34d3ed7b9d26000MD52falseAnonymousREAD20.500.14657/194754oai:repositorio.pucp.edu.pe:20.500.14657/1947542025-04-11 09:58:17.631http://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessopen.accesshttps://repositorio.pucp.edu.peRepositorio Institucional de la PUCPrepositorio@pucp.pe
dc.title.en_US.fl_str_mv The Asymmetric Effects of Monetary Policy in General Equilibrium
title The Asymmetric Effects of Monetary Policy in General Equilibrium
spellingShingle The Asymmetric Effects of Monetary Policy in General Equilibrium
Castillo, Paul
Nonhomothetic preferences
Asymmetric effects of monetary policy
Optimal monetary policy
Perturbation methods
https://purl.org/pe-repo/ocde/ford#5.02.04
title_short The Asymmetric Effects of Monetary Policy in General Equilibrium
title_full The Asymmetric Effects of Monetary Policy in General Equilibrium
title_fullStr The Asymmetric Effects of Monetary Policy in General Equilibrium
title_full_unstemmed The Asymmetric Effects of Monetary Policy in General Equilibrium
title_sort The Asymmetric Effects of Monetary Policy in General Equilibrium
author Castillo, Paul
author_facet Castillo, Paul
Montoro, Carlos
author_role author
author2 Montoro, Carlos
author2_role author
dc.contributor.author.fl_str_mv Castillo, Paul
Montoro, Carlos
dc.subject.en_US.fl_str_mv Nonhomothetic preferences
Asymmetric effects of monetary policy
Optimal monetary policy
Perturbation methods
topic Nonhomothetic preferences
Asymmetric effects of monetary policy
Optimal monetary policy
Perturbation methods
https://purl.org/pe-repo/ocde/ford#5.02.04
dc.subject.ocde.none.fl_str_mv https://purl.org/pe-repo/ocde/ford#5.02.04
description 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.
publishDate 2008
dc.date.accessioned.none.fl_str_mv 2023-07-21T19:18:07Z
dc.date.available.none.fl_str_mv 2023-07-21T19:18:07Z
dc.date.issued.fl_str_mv 2008
dc.type.none.fl_str_mv info:eu-repo/semantics/article
dc.type.other.none.fl_str_mv Artículo
format article
dc.identifier.uri.none.fl_str_mv https://repositorio.pucp.edu.pe/index/handle/123456789/194754
url https://repositorio.pucp.edu.pe/index/handle/123456789/194754
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.ispartof.none.fl_str_mv urn:issn:1851-6599
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dc.rights.uri.*.fl_str_mv http://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by/4.0
dc.publisher.none.fl_str_mv Pontificia Universidad Católica del Perú. CENTRUM
dc.publisher.country.none.fl_str_mv PE
publisher.none.fl_str_mv Pontificia Universidad Católica del Perú. CENTRUM
dc.source.es_ES.fl_str_mv Journal of CENTRUM Cathedra, Vol. 1, Issue 2
dc.source.none.fl_str_mv reponame:PUCP-Institucional
instname:Pontificia Universidad Católica del Perú
instacron:PUCP
instname_str Pontificia Universidad Católica del Perú
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reponame_str PUCP-Institucional
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The Asymmetric Effects of Monetary Policy in General Equilibrium
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