Asymmetric Effects of Positive and Negative Money-Supply Shocks
检验正负货币供给冲击对产出的影响是否对称，发现负向冲击影响产出而正向冲击无影响，且该结果不依赖于预期货币是否影响产出。
This paper examines whether positive and negative money-supply shocks have symmetric effects on output. The results are consistent with the hypothesis that positive money-supply shocks do not have an effect on output, while negative money-supply shocks do have an effect on output. This finding is independent of whether or not expected money is assumed to affect output. The results reported in this paper imply that the Fed could increase the growth rate of real output by reducing the standard deviation of unexpected changes in the money supply.