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Working Paper 2009-048A Search | View by Year | View by Category | View by Author | View by JEL Code"The Local Effects of Monetary Policy"
Previous studies have documented disparities in the regional responses to monetary policy shocks; this variation has been found to depend, in part, on differences in the industrial composition of the regional economies. However, because of computational issues, the literature has often neglected the richest level of disaggregation: the city. In this paper, we estimate the city-level responses to monetary policy shocks in a Bayesian VAR. The Bayesian VAR allows us to model the entire panel of metropolitan areas through the imposition of a shrinkage prior. We then seek the origin of the city-level asymmetric responses. Full Text - Acrobat PDF (316k) Notify Me of Updates for:
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