Financial Depth and the Asymmetric Impact of Monetary Policy
研究了美国商业周期中金融深度如何影响货币政策对实际产出的不对称冲击，发现货币政策在经济衰退时对产出增长有显著影响，而金融深化能减弱这种冲击。
Abstract This paper investigates the importance of financial depth in evaluating the asymmetric impact of monetary policy on real output over the course of the US business cycle. We show that monetary policy has a significant impact on output growth during recessions. We also show that financial deepening plays an important role by dampening the effects of monetary policy shocks in recessions. The results are robust to the use of alternative financial depth and monetary policy shock measures as well as to two different sample periods.