Regional Asymmetries in the Impact of Monetary Policy Shocks on Prices: Evidence from US Cities*
研究发现美国各城市对联邦货币政策冲击的价格反应存在不对称性，这种不对称性可由地方产业结构、银行规模、房价和人口年龄分布等城市特征解释。
Variations in real exchange rates across US cities are smaller than corresponding international variations, but nevertheless substantial. We find that a proportion of these variations can be explained by asymmetric responses to federal monetary policy shocks, and that a large part of the asymmetry can be explained by city‐specific economic characteristics including the composition of local industry, bank size, house prices and the age distribution of the population.