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The monetary transmission mechanism: Evidence from the industries of five OECD countries

  • Dedola, Luca
  • Lippi, Francesco

This paper presents new evidence on the monetary transmission mechanism based on the effects of unexpected monetary policy shocks on 21 manufacturing industries in 5 OECD countries (France, Germany, Italy, the UK and the US). The goal is twofold. First, to document the cross-industry heterogeneity of monetary policy effects. Second, to explain this heterogeneity in terms of microeconomic characteristics suggested by theory, using an original firm-level database.

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Article provided by Elsevier in its journal European Economic Review.

Volume (Year): 49 (2005)
Issue (Month): 6 (August)
Pages: 1543-1569

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Handle: RePEc:eee:eecrev:v:49:y:2005:i:6:p:1543-1569
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