货币政策效应的区域差异模式[文献翻译].docVIP

出 处： Business Review 作 者： Theodore M.Crone 原 文 ： A Pattern of Regional Differences in the Effects of Monetary Policy Ⅰ. Introduction Although there is only one national monetary policy, that does not mean that monetary policy does not affect some regions oi the country more than others. We know that business cycles differ across states and regions, and a number of studies have examined how monetary policy may affect regions differently and why. A review of these studies reveals that certain parts of the country are consistently more affected by monetary policy than others.Identifying the reasons for regional differences in the effects of monetary policy may help us better understand how changes in monetary policy ripple through the economy. In this article, Ted Crone reviews where the research has brought us so far. Federal Reserve officials are sometimes asked how monetary policy can help solve regional economic problems. The standard answer is straightforward; There is only one national monetary policy, and it is no designed to address purely regional issues. This does not mean, however,that monetary policy does not affect some regions of the country more than others. Business people, civic leaders,and government officials may want to know how much their region will be affected by changes in monetary policy relative to the rest of the country.We know that business cycles differ across states and regions, and over the past decade, a number of studies have examined what role monetary policy may play — i.e,, how monetary policy may affect regions differently and why. A review of these studies reveals that certain parts of the country are consistently more affected by mon- etary policy than others. So far, the only convincing explanation for these differences is the different mix of industties in the regions. But the search for other reasons is likely to continue.consistently more affected by monetary policy than others. So far, the only convincing