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The Differential Regional Effects of Monetary Policy: Evidence from the U.S. States

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Abstract:

In this paper we use time-series techniques to examine whether monetary policy had symmetric effects across U.S. states during the 1958:1–1992:4 period. Impulse response functions from estimated structural vector autoregression models reveal differences in policy responses, which in some cases are substantial. We provide evidence on the reasons for the measured cross-state differential policy responses. The size of a state's response is significantly related to industry-mix variables, providing evidence of an interest rate channel for monetary policy, although the state-level data offer no support for recently advanced credit-channel theories.

Document Type: Research Article

DOI: http://dx.doi.org/10.1111/1467-9787.00137

Affiliations: 1: Federal Reserve Bank of Philadelphia, 2: Villanova University

Publication date: May 1, 1999

bpl/jors/1999/00000039/00000002/art00006
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