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Working Paper 2006-002A

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"Regional VARs and the Channels of Monetary Policy"
by Michael T. Owyang, and Howard J. Wall

We find that the magnitudes of the regional effects of monetary policy were considerably dampened during the Volcker-Greenspan era. Further, regional differences in the depths of monetary-policy-induced recessions are related to the concentration of the banking sector, whereas differences in the total cost of these recessions are related to industry mix.

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Category > Monetary Policy/Macroeconomics
Category > Regional Economics
Author > Michael T. Owyang
Author > Howard J. Wall