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The effects of monetary policy on the economy show different with respect to its direction, power and the different economic cycle. That is to say, there exists asymmetry in the role of monetary policy. It’s important to research this asymmetry for monetary policy making and keeping economy’s steady growth In this paper, we aim to study the asymmetry in the role of monetary policy with respect to the different economic cycle. First, monetary shock is estimated by using monetary gap and output gap is calculated via HP filter method. Second, based on the monetary gap and output gap, the asymmetric impacts of monetary gap are measured by STR model. The results show that the impacts of monetary shock on economy are asymmetrical significantly. The impact of monetary policy on economy in upturn stage is larger than its impact in downturn stage.

A Study on the Asymmetry in the Role of Monetary Policy by Using STR model