The Asymmetric Effects of Monetary Policy
研究紧缩与宽松货币政策对产出的非对称影响，发现负向冲击导致的产出下降大于同等正向冲击带来的扩张，并回顾了美国、日本和意大利的历史证据及理论解释。
Abstract. The paper deals with the asymmetric effects on output of tight and easy monetary policy: the output reduction following a negative monetary policy shock appears bigger than the expansion induced by similar sized positive shock. The paper first reviews historical evidence of asymmetry, focusing on the United States, Japan and Italy. This is followed by a review of the econometric literature on monetary policy asymmetry and consideration of the theoretical reasons that can explain this asymmetry.