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Mixture model analysis of complex samples

Author

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  • Wedel, M.
  • Hofstede, F. ter
  • Steenkamp, J.-B.E.M.

    (Groningen University)

Abstract

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 during a boom. Also some evidence is found for asymmetry in the United Kingdom and Belgium. In the Netherlands, monetary policy is not very effective in either regime.

Suggested Citation

  • Wedel, M. & Hofstede, F. ter & Steenkamp, J.-B.E.M., 1997. "Mixture model analysis of complex samples," Research Report 97B03, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    • Handle: RePEc:gro:rugsom:97b03
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    File URL: http://irs.ub.rug.nl/ppn/15683247X
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    References listed on IDEAS

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    4. Dankmar Böhning & Ekkehart Dietz & Rainer Schaub & Peter Schlattmann & Bruce Lindsay, 1994. "The distribution of the likelihood ratio for mixtures of densities from the one-parameter exponential family," Annals of the Institute of Statistical Mathematics, Springer;The Institute of Statistical Mathematics, vol. 46(2), pages 373-388, June.
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    Cited by:

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