Monetary policy and regional price and wage dispersion in the U.S.

Research output: Contribution to journalArticle

Abstract

It is generally accepted that certain fiscal policies have strong local impacts. However, it is considerably less obvious that national fiscal and monetary policies will have significantly different impacts on areas as large as states or census regions. This paper focuses on the impact of U.S. monetary policy on relative inflation and wage growth rates for four large regions within the U.S. The results suggest that the conditional variance of aggregate monetary policy shocks, estimated from an ARCH process, increases the dispersion of regional inflation and regional real wage growth rates for the four U.S. census regions.

Original languageEnglish (US)
Pages (from-to)65-82
Number of pages18
JournalReview of Regional Studies
Volume28
Issue number3
StatePublished - Dec 1 1998
Externally publishedYes

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Earth-Surface Processes

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