Regional Asymmetries in the Impact of Monetary Policy Shocks on Prices: Evidence from US Cities

被引：11
|
作者：
Fielding, David [1 ]
Shields, Kalvinder [2 ]
机构：
[1] Univ Otago, Dept Econ, Dunedin 9054, New Zealand
[2] Univ Melbourne, Dept Econ, Melbourne, Vic 3010, Australia
来源：
OXFORD BULLETIN OF ECONOMICS AND STATISTICS | 2011年 / 73卷 / 01期
关键词：
E31; E52; R19; LAW; CONVERGENCE;
D O I：
10.1111/j.1468-0084.2010.00608.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
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页码：79 / 103
页数：25
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