Does monetary policy have differential regional effects?
AbstractDo monetary policy actions have a uniform national effect? Or do the separate, but interdependent, regions of the country respond differently to changes in policy? In this article, Jerry Carlino and Bob DeFina demonstrate that monetary policy does have differential effects across regions. They also examine three reasons why the effects may differ: regional differences in the mix of interest-sensitive industries, in the ability of banks to alter their balance sheets, and in the mix of large and small borrowers.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Philadelphia in its series Working Papers with number 94-23.
Date of creation: 1994
Date of revision:
Other versions of this item:
- Gerald A. Carlino & Robert H. DeFina, 1996. "Does monetary policy have differential regional effects?," Business Review, Federal Reserve Bank of Philadelphia, issue Mar, pages 17-27.
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- Gerald Carlino & Keith Sill, 1996. "Common trends and common cycles in regional per capita incomes," Working Papers 96-13, Federal Reserve Bank of Philadelphia.
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- Jonathan McCarthy & Charles Steindel, 1996. "The relative importance of national and regional factors in the New York Metropolitan economy," Research Paper 9621, Federal Reserve Bank of New York.
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