Local responses to a global monetary policy: The regional structure of financial systems
AbstractThis paper contrasts the different regional effects of an homogeneous monetary policy, and studies the local characteristics that underlie these differential responses. To this purpose, we use Spanish regional data and estimate a vector autoregression (VAR) model using seemingly unrelated regression (SUR) techniques to characterise regional responses. Results provide evidence of statistically different regional responses of real variables to monetary policy shocks. We use these estimated responses to analyse if they depend on regional characteristics. Results show that manufacturing sectors, a negative financial position, as well as the degree of nominal wage indexation, enhance the effect of monetary policy.
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Bibliographic InfoArticle provided by Emerald Group Publishing in its journal Journal of Economic Studies.
Volume (Year): 29 (2002)
Issue (Month): 3 (September)
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Other versions of this item:
- Juan J. de Lucio & Mario Izquierdo, . "Local responses to a global monetary policy: The regional structure of financial systems," Working Papers 99-14, FEDEA.
- Juan Jose de Lucio, 1998. "Local responses to a global monetary policy: The regional structure of financial systems," ERSA conference papers ersa98p249, European Regional Science Association.
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