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Regional Effects of Monetary Policy in the Netherlands

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  • Ivo J. M. Arnold

    (Center for Finance, Universiteit Nyenrode, The Netherlands)

  • Evert B. Vrugt

    (Center for Finance, Universiteit Nyenrode, The Netherlands)

Abstract

This paper measures the impact of monetary policy shocks on regional and sectoral output in the Netherlands for the period 1973 to 1993. We document large regional and sectoral variation in monetary policy transmission. Our results support previous findings that the differential regional effects of monetary policy are significantly related to industrial composition. We also find that sectoral effects account for much more of the variation in interest sensitivity than regional effects. Finally, we explore whether sectors which react more strongly to interest rate shocks are compensated by higher returns.

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Bibliographic Info

Article provided by College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan in its journal International Journal of Business and Economics.

Volume (Year): 1 (2002)
Issue (Month): 2 (August)
Pages: 123-134

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Handle: RePEc:ijb:journl:v:1:y:2002:i:2:p:123-134

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Postal: 100 Wenhwa Road, Seatwen, Taichung
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Related research

Keywords: monetary transmission; sectoral effects; regional effects;

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References

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  1. John B. Taylor, 1995. "The monetary transmission mechanism: an empirical framework," Working Papers in Applied Economic Theory 95-07, Federal Reserve Bank of San Francisco.
  2. Eijffinger, Sylvester & Haan, Jakob de, 2000. "European Monetary and Fiscal Policy," OUP Catalogue, Oxford University Press, number 9780198776161, September.
  3. Eric M. Leeper & Christopher A. Sims & Tao Zha, 1996. "What Does Monetary Policy Do?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 1-78.
  4. J.M. Arnold, Ivo, 2001. "The Regional Effects of Monetary Policy in Europe," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 16, pages 399-420.
  5. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
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Citations

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Cited by:
  1. Todd Potts & David Yerger, 2007. "Changes over Time in New York State's Responsiveness to Monetary Shocks," New York Economic Review, New York State Economics Association (NYSEA), vol. 38(1), pages 3-17.
  2. Ageliki Anagnostou & Stephanos Papadamou, 2012. "The effects of Monetary Policy shocks across the Greek Regions," ERSA conference papers ersa12p507, European Regional Science Association.
  3. Todd Potts & David Yerger, 2010. "Variations Across Canadian Regions in the Sensitivity to U.S. Monetary Policy," Atlantic Economic Journal, International Atlantic Economic Society, vol. 38(4), pages 443-454, December.
  4. Alam, Tasneem & Waheed, Muhammad, 2006. "The monetary transmission mechanism in Pakistan: a sectoral analysis," MPRA Paper 2719, University Library of Munich, Germany, revised 13 Apr 2007.
  5. Tasneem Alam & Muhammad Waheed, 2006. "Sectoral Effects of Monetary Policy: Evidence from Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(4), pages 1103-1115.
  6. Yang, Zan & Wang, Songtao & Campbell, Robert, 2010. "Monetary policy and regional price boom in Sweden," Journal of Policy Modeling, Elsevier, vol. 32(6), pages 865-879, November.
  7. Vespignani, Joaquin L., 2011. "On the differential impact of monetary policy across states/territories and its determinants in Australia: Evidence and new methodology from a small open economy," MPRA Paper 44998, University Library of Munich, Germany.
  8. Ivo J. M. Arnold & Evert B. Vrugt, 2004. "Firm Size, Industry Mix and the Regional Transmission of Monetary Policy in Germany," German Economic Review, Verein für Socialpolitik, vol. 5(1), pages 35-59, 02.

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