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Does monetary policy have differential regional effects?

Author

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  • Gerald A. Carlino
  • Robert H. DeFina

Abstract

Do monetary policy actions have a uniform national effect? Or do the separate, but interdependent, regions of the country respond differently to changes in policy? In this article, Jerry Carlino and Bob DeFina demonstrate that monetary policy does have differential effects across regions. They also examine three reasons why the effects may differ: regional differences in the mix of interest-sensitive industries, in the ability of banks to alter their balance sheets, and in the mix of large and small borrowers.

Suggested Citation

  • Gerald A. Carlino & Robert H. DeFina, 1996. "Does monetary policy have differential regional effects?," Business Review, Federal Reserve Bank of Philadelphia, issue Mar, pages 17-27.
  • Handle: RePEc:fip:fedpbr:y:1996:i:mar:p:17-27
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    References listed on IDEAS

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    1. Robert C. Merton, 2005. "Theory of rational option pricing," World Scientific Book Chapters,in: Theory Of Valuation, chapter 8, pages 229-288 World Scientific Publishing Co. Pte. Ltd..
    2. Garman, Mark B. & Kohlhagen, Steven W., 1983. "Foreign currency option values," Journal of International Money and Finance, Elsevier, vol. 2(3), pages 231-237, December.
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    Cited by:

    1. Igor Esteban Zuccardi Huertas, 2002. "Efectos regionales de la política monetaria en Colombia," DOCUMENTOS DE TRABAJO SOBRE ECONOMÍA REGIONAL Y URBANA 002431, BANCO DE LA REPÚBLICA - ECONOMÍA REGIONAL.
    2. Carlos Rodriguez-Fuentes & Sheila Dow, 2003. "EMU and the Regional Impact of Monetary Policy," Regional Studies, Taylor & Francis Journals, vol. 37(9), pages 969-980.
    3. Rudiger Dornbusch & Carlo A. Favero & Francesco Giavazzi, 1998. "The Immediate Challenges for the European Central Bank," NBER Working Papers 6369, National Bureau of Economic Research, Inc.
    4. Gerald A. Carlino & Keith Sill, 1996. "Common trends and common cycles in regional per capita incomes," Working Papers 96-13, Federal Reserve Bank of Philadelphia.
    5. Theodore M. Crone, 1999. "Using state indexes to define economic regions in the U.S," Working Papers 99-19, Federal Reserve Bank of Philadelphia.
    6. Héctor Bravo L. & Carlos García T. & Verónica Mies M. & Matías Tapia G., 2003. "Heterogeneidad de la Transmisión Monetaria: Efectos Sectoriales y Regionales," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 6(3), pages 5-26, December.
    7. Lucio Vinhas de Souza & Holger van Eden & Albert de Groot & Gerbert Romijn & Elisabeth Ledrut, 2001. "EMU and Enlargement: A Review of Policy Issues," Macroeconomics 0012019, EconWPA.
    8. Lori L. Taylor & Mine K. Yücel, 1996. "The interest rate sensitivity of Texas industry," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 27-33.
    9. 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.
    10. Jonathan McCarthy & Charles Steindel, 1996. "The relative importance of national and regional factors in the New York Metropolitan economy," Research Paper 9621, Federal Reserve Bank of New York.
    11. Josef Baumgartner & Thomas Url, 1999. "Common Monetary Policy with Different Effects?," WIFO Monatsberichte (monthly reports), WIFO, vol. 72(1), pages 75-88, January.
    12. Gerald A. Carlino & Robert H. DeFina, 1999. "Do states respond differently to changes in monetary policy?," Business Review, Federal Reserve Bank of Philadelphia, issue Jul, pages 17-27.
    13. Worms, Andreas, 2001. "The reaction of bank lending to monetary policy measures in Germany," Working Paper Series 0096, European Central Bank.

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    Keywords

    Monetary policy ; Regional economics;

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