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

• Autores: David Fielding, Kalvinder Shields
• Localización: Oxford bulletin of economics and statistics, ISSN 0305-9049, Vol. 73, Nº. 1, 2011, págs. 79-103
• Idioma: inglés
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• Resumen

  • 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.