Resumen de Regional Asymmetries in the Impact of Monetary Policy Shocks on Prices: Evidence from US Cities
David Fielding, Kalvinder Shields
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.
