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dc.contributor.authorAastveit, Knut Are
dc.contributor.authorNatvik, Gisle James
dc.contributor.authorSola, Sergio
dc.date.accessioned2018-05-02T10:51:59Z
dc.date.available2018-05-02T10:51:59Z
dc.date.issued2013
dc.identifier.isbn978-82-7553-770-4
dc.identifier.issn1502-8143
dc.identifier.urihttp://hdl.handle.net/11250/2496690
dc.description.abstractThis paper explores if economic uncertainty alters the macroeconomic influence of monetary policy. We consider several measures of U.S. economic uncertainty, and estimate their interaction effects with monetary policy shocks as identified through structural vector autoregressions. We find that monetary policy shocks affect economic activity considerably weaker when uncertainty is high, consistently with "real-options" effects suggested by models with non-convex adjustment costs. Investment responds two to five times weaker when uncertainty is in its upper instead of its lower decile. High U.S. uncertainty is associated with lower policy influence not only domestically, but in Canada too.nb_NO
dc.language.isoengnb_NO
dc.publisherNorges Banknb_NO
dc.relation.ispartofseriesWorking Papers;17/2013
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectJEL: E30nb_NO
dc.subjectJEL: E32nb_NO
dc.subjectJEL: E37nb_NO
dc.subjectstructural VARnb_NO
dc.subjectuncertaintynb_NO
dc.subjectmonetary policynb_NO
dc.titleEconomic Uncertainty and the Effectiveness of Monetary Policynb_NO
dc.typeWorking papernb_NO
dc.description.versionpublishedVersionnb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212nb_NO
dc.source.pagenumber32nb_NO


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
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