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Industry structure and the real effects of monetary policy

Author

Listed:
  • Hauptmeier, Sebastian
  • Holm-Hadulla, Fédéric

Abstract

This box studies how the transmission of monetary policy is affected by the growing service intensity of the euro area economy. The results show that higher service intensity dampens the impact of monetary policy on economic activity. At the same time, this dampening effect is moderate: we estimate that the increase in the service intensity observed since the introduction of the euro has reduced the real impact of monetary policy by less than 10%. JEL Classification: C32, E32, E52

Suggested Citation

  • Hauptmeier, Sebastian & Holm-Hadulla, Fédéric, 2023. "Industry structure and the real effects of monetary policy," Economic Bulletin Boxes, European Central Bank, vol. 7.
    • Handle: RePEc:ecb:ecbbox:2023:0007:4
    Note: 538998
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2023/html/ecb.ebbox202307_04~dda908b9a1.en.html
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    More about this item

    Keywords

    local projections; Monetary policy;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • 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

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