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Monetary policy and asymmetries in the Argentine business cycle

Author

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  • Trupkin, Danilo

    (Universidad de Buenos Aires, Instituto Interdisciplinario de Economía Política de Buenos Aires)

Abstract

This paper studies the asymmetries that are claimed to arise as a response to monetary policy shocks in Argentina. We build a regime-switching specification in order to investigate time variation in the response of the transitory component of output to monetary shocks. The results suggest time variation in the coefficients that describe the response of output, which can be well explained by the phase of the cycle. We also find support to Friedman’s “plucking” view of economic fluctuations, while other two features of the shocks (direction and size of the monetary policy) explain strongly the business cycle of Argentina.

Suggested Citation

  • Trupkin, Danilo, 2016. "Monetary policy and asymmetries in the Argentine business cycle," Revista de Economía Política de Buenos Aires, Universidad de Buenos Aires. Facultad de Ciencias Económicas., issue 15, pages 99-122, December.
    • Handle: RePEc:ake:repba1:y:2016:i:15:p:99-122
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    More about this item

    Keywords

    Asymmetries; Business Cycles; Monetary Policy; Regime-Switching;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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