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Industry Effects of Monetary Policy in Germany

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Author Info
Bernd Hayo (ZEI & University of Bonn)

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Abstract

This paper is on monetary policy transmission. First, it asks the question whether industries are affected differently by monetary policy shocks. Here both output and price effects are compared. Second, some industry characteristics are explored which may help to understand the existence of asymmetric effects. Third, since industries are regionally clustered, possible regional effects are being discussed as well. The analysis takes place within a VAR framework, and monthly data on West- German industries and are being employed. The results indicate that about one half of German industries show significantly different reactions compared to the aggregate. These differences can be partially explained by varying capital-output-ratios, export-orientation and subsidies. Finally it is likely, at least in the case of the German Länder, that asymmetric regional effects of monetary policy shocks will occur.

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File URL: http://129.3.20.41/eps/mac/papers/9906/9906009.pdf
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Publisher Info
Paper provided by EconWPA in its series Macroeconomics with number 9906009.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 30 pages
Date of creation: 17 Jun 1999
Date of revision:
Handle: RePEc:wpa:wuwpma:9906009

Note: Type of Document - PDF; prepared on IBM PC ; pages: 30; figures: included
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Web page: http://129.3.20.41

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Related research
Keywords: monetary policy; monetary transmission; industry effects; VAR; regional effects; Germany;

Find related papers by JEL classification:
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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  1. Jean Farès & Gabriel Srour, 2001. "The Monetary Transmission Mechanism at the Sectoral Level," Working Papers 01-27, Bank of Canada. [Downloadable!]
  2. Andreas Worms, 2003. "Interbank Relationships and the Credit Channel in Germany," Empirica, Springer, vol. 30(2), pages 179-198, June. [Downloadable!] (restricted)
  3. Gert Peersam & Frank Smets, 2002. "The industry effects of monetary policy in the Euro area," Working Paper Series 165, European Central Bank. [Downloadable!]
    Other versions:
  4. 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. [Downloadable!]
  5. Andreas Worms, 2001. "The reaction of bank lending to monetary policy measures in Germany," Working Paper Series 096, European Central Bank. [Downloadable!]
  6. Luca Dedola & Francesco Lippi, 2000. "The Monetary Transmission Mechanism: Evidence from the Industry Data of Five OECD Countries," Econometric Society World Congress 2000 Contributed Papers 1833, Econometric Society. [Downloadable!]
  7. Luca Dedola & Francesco Lippi, 2000. "The monetary transmission mechanism; evidence from the industries of five OECD countries," Temi di discussione (Economic working papers) 389, Bank of Italy, Economic Research Department. [Downloadable!]
    Other versions:
  8. Dietrich Franz, 2006. "Welfarism, Preferencism, Judgmentism," Research Memoranda 005, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  9. Casella, Alessandra, 2000. "Games for Central Bankers: Markets vs. Politics in Public Policy Decisions," CEPR Discussion Papers 2496, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  10. Michael Fratantoni & Scott Schuh, 2000. "Monetary policy, housing investment, and heterogeneous regional markets," Working Papers 00-1, Federal Reserve Bank of Boston. [Downloadable!]
  11. Verónica Mies & Felipe Morandé & Matías Tapia, 2002. "Política Monetaria y Mecanismos de Transmisión: Nuevos Elementos para una Vieja Discusión," Working Papers Central Bank of Chile 181, Central Bank of Chile. [Downloadable!]
  12. Héctor F. Bravo & Carlos J. García & Verónica Mies & Matías Tapia, 2003. "Heterogeneity in Monetary Transmission: Sectoral and Regional Effects," Working Papers Central Bank of Chile 235, Central Bank of Chile. [Downloadable!]
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