|
|||||
|
|
Regional Asymmetries in the Impact of Monetary Policy Shocks on Prices: Evidence from US Cities* |
|
| Authors: | David Fielding Kalvinder Shields |
| Affiliation: | 1. Department of Economics, University of Otago, Dunedin 9054, New Zealand (e‐mail: david.fielding@otago.ac.nz);2. Department of Economics, University of Melbourne, Victoria 3010, Australia (e‐mail: k.shields@unimelb.edu.au) |
| Abstract: | 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. |
| Keywords: | E31 E52 R19 |