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Local responses to a global monetary policy: The regional structure of financial systems

  • Juan J. de Lucio
  • Mario Izquierdo

This paper contrasts the different regional effects of an homogeneous monetary policy, and studies the local characteristics that underlie these differential responses. To this purpose, we use Spanish regional data and estimate a vector autoregression (VAR) model using seemingly unrelated regression (SUR) techniques to characterise regional responses. Results provide evidence of statistically different regional responses of real variables to monetary policy shocks. We use these estimated responses to analyse if they depend on regional characteristics. Results show that manufacturing sectors, a negative financial position, as well as the degree of nominal wage indexation, enhance the effect of monetary policy.

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Article provided by Emerald Group Publishing in its journal Journal of Economic Studies.

Volume (Year): 29 (2002)
Issue (Month): 3 (September)
Pages: 205-221

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Handle: RePEc:eme:jespps:v:29:y:2002:i:3:p:205-221
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  1. Ben S. Bernanke & Ilian Mihov, 1996. "What Does the Bundesbank Target?," NBER Working Papers 5764, National Bureau of Economic Research, Inc.
  2. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-21, September.
  3. Anil K Kashyap & Jeremy C. Stein, 1994. "The Impact of Monetary Policy on Bank Balance Sheets," NBER Working Papers 4821, National Bureau of Economic Research, Inc.
  4. Gottfries, N. & Westermak, A., 1995. "Nominal Wage Contracts and the Persistent Effects of Monetary Policy," Papers 1995-22, Uppsala - Working Paper Series.
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