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英文文献：Asymmetries in the Cyclical Effects of Monetary Policy on Output: Some European Evidence-货币政策对产出周期性影响的不对称:一些欧洲证据
英文文献作者：Ramón María-Dolores
英文文献摘要：
In this paper, I present empirical evidence for …ve European countries (Germany, France, UK, Spain and Italy) and the Euro-zone on whether monetary policy shocks produce diferent ejects on real output growth depending on the phase of the business cycle that the economy is undergoing (the socalled ?state? asymmetry). To do so, I apply a multivariate extension of the Hamilton(1989)?s Markov switching methodology. I …nd evidence in favour of ?state? asymmetries at the aggregate level in all the countries whereby interest-rate shocks have larger e¤ects in recessions than in expansions. I also carry out the analysis at the sectorial level and observe that this asymmetric effect seems to be diferent in the analysed countries when I focus on a sectorial analysis.
在本文中，我为ve欧洲国家(德国、法国、英国、西班牙和意大利)和欧元区提供了经验证据，说明货币政策冲击是否会根据经济正在经历的商业周期阶段(所谓的“国家”不对称)对实际产出增长产生不同的影响。为此，我应用了Hamilton(1989)的马尔可夫切换方法的多元扩展。在所有国家的总体水平上，没有证据支持“国家”不对称，因此利率冲击在衰退时期比在扩张时期更大。我还在部门层面上进行分析，并观察到，当我关注部门分析时，这种不对称效应在被分析的国家似乎是不同的。
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