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- W3122389628 abstract "ABSTRACTThis article analyzes the impact of monetary policy during periods of low and high financial stress in the US economy using a threshold vector autoregression model. There is evidence that expansionary monetary policy is effective during periods of high financial stress with larger responses having a higher proportionate effect on output. The existence of a cost channel effect during periods of high financial stress implies the existence of a short run output-inflation trade off during financial crises. Large expansionary monetary shocks also increase the likelihood of moving the economy out of a high financial stress regime." @default.
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- W3122389628 date "2016-06-13" @default.
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- W3122389628 title "Effects of the US monetary policy shocks during financial crises – a threshold vector autoregression approach" @default.
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- W3122389628 doi "https://doi.org/10.1080/00036846.2016.1186792" @default.
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