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Industry Impacts of US Unconventional Monetary Policy

Author

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  • Goto Eiji

    (University of Missouri-St. Louis, 1 University Blvd. 408 SSB, St Louis, MO 63121, USA)

Abstract

Conventional monetary policy has been shown to create differential impacts on industry output. This paper looks at unconventional monetary policy to see its differential impacts on industries in the United States. Identification is achieved with zero and sign restrictions within a structural global vector autoregressive framework. The effects of unconventional monetary policy on output have substantial heterogeneity across industries. Furthermore, the effects on output and monetary policy transmission mechanisms are qualitatively similar to that of conventional monetary policy previously reported in the literature. These findings suggest a substitutability between conventional and unconventional monetary policies. Importantly, policymakers can use unconventional monetary policy and be reassured that impacts on specific industries are similar to those using conventional monetary policy.

Suggested Citation

  • Goto Eiji, 2024. "Industry Impacts of US Unconventional Monetary Policy," The B.E. Journal of Macroeconomics, De Gruyter, vol. 24(2), pages 749-780.
    • Handle: RePEc:bpj:bejmac:v:24:y:2024:i:2:p:749-780:n:1001
    DOI: 10.1515/bejm-2022-0184
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    More about this item

    Keywords

    unconventional monetary policy; industry output; monetary policy transmission mechanisms;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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