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New Findings on Firm Investment and Monetary Policy Transmission in the Euro Area

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Author Info
Jean-Bernard Chatelain () (PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - Ecole des Hautes Etudes en Sciences Sociales - Ecole Nationale des Ponts et Chaussées - Ecole Normale Supérieure de Paris, EconomiX - CNRS : UMR7166 - Université de Paris X - Nanterre)
Andrea Generale (Banca d´Italia - Banca d´Italia)
Ignacio Hernando (Bank of Spain - Bank of Spain)
Philip Vermeulen (ECB - European Central Bank - European Central Bank)
Ulf Von Kalckreuth (Bundesbank - Bundesbank)

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Abstract

In this paper we present comparable results on the determinants of firms' investment and their link to monetary policy. The results have been obtained by the Eurosystem Monetary Transmission Network. This network has produced a series of papers in which the use of micro data permits estimating and quantifying the relevance of two channels of monetary policy transmission: the nterest rate and the broad credit channel. The research findings provide evidence of an operative interest rate channel in all countries examined. Moreover, the results indicate that variables which proxy firms' financial conditions play a role. Firms characterised by weaker balance sheetsshow higher liquidity sensitivity.

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Paper provided by HAL in its series Post-Print with number halshs-00119490_v1.

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Date of creation: 2003
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Publication status: Published, Oxford Review of Economic Policy, 2003, 19, 1, 1-11
Handle: RePEc:hal:journl:halshs-00119490_v1

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Related research
Keywords: investment; monetary transmission; user cost of capital;

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This page was last updated on 2009-11-6.

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