Lensink, Robert; Hermes, Niels; Murinde, Victor - Faculteit Economie en Bedrijfskunde, Rijksuniversiteit … - 1998
This paper investigates asymmetric effects of monetary policy over the business cycle. A two-state Markov Switching Model is employed to model both recessions and expansions. For the United States and Germany, strong evidence is found that monetary policy is more effective in a recession than...