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- W2186143818 abstract "In this paper, we check whether the effects of monetary policy actions on output in Brazil are asymmetric. Therefore, we estimate Markov-switching models that allow positive and negative shocks to affect the growth rate of output in an asymmetric fashion in expansion and recession states. In general, results show that: i) the real effects of negative monetary shocks are larger than those of positive shocks in an expansion; ii) in a recession, the real effects of positive and negative shocks are the same; iii) there is no evidence of asymmetry between the effects of countercyclical monetary policies; and iv) it is not possible to assert that the effects of a positive (or negative) shock are dependent upon the phase of the business cycle." @default.
- W2186143818 created "2016-06-24" @default.
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- W2186143818 date "2009-01-01" @default.
- W2186143818 modified "2023-09-26" @default.
- W2186143818 title "Asymmetric Effects of Monetary Policy in Brazil" @default.
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- W2186143818 hasPublicationYear "2009" @default.
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