The Asymmetric Effects of Monetary Policy: A Nonlinear Vector Autoregression Approach
用非线性向量自回归方法检验货币政策的非对称效应，发现货币供给冲击在产出增长低时对产出影响更强、对价格影响更弱，正负冲击效应近乎对称，不同大小冲击有非对称效应，支持总供给曲线凸性的观点。
This paper tests for nonlinearity in a standard vector autoregression including output, prices, and money supply using an estimation strategy that is consistent with a wide range of structural macroeconomic models. Shocks to the money supply are found to have stronger output effects and weaker price effects when output growth is initially low. Positive and negative monetary shocks are found to have nearly symmetric effects. In addition, there is some evidence that shocks of different magnitudes have asymmetric effects. These results are consistent with the view that the aggregate supply curve is convex.