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Regional Effects of Monetary Policy in the Netherlands

  • Ivo J. M. Arnold

    (Center for Finance, Universiteit Nyenrode, The Netherlands)

  • Evert B. Vrugt

    (Center for Finance, Universiteit Nyenrode, The Netherlands)

This paper measures the impact of monetary policy shocks on regional and sectoral output in the Netherlands for the period 1973 to 1993. We document large regional and sectoral variation in monetary policy transmission. Our results support previous findings that the differential regional effects of monetary policy are significantly related to industrial composition. We also find that sectoral effects account for much more of the variation in interest sensitivity than regional effects. Finally, we explore whether sectors which react more strongly to interest rate shocks are compensated by higher returns.

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Article provided by College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan in its journal International Journal of Business and Economics.

Volume (Year): 1 (2002)
Issue (Month): 2 (August)
Pages: 123-134

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Handle: RePEc:ijb:journl:v:1:y:2002:i:2:p:123-134
Contact details of provider: Postal: 100 Wenhwa Road, Seatwen, Taichung
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  1. John B. Taylor, 1995. "The Monetary Transmission Mechanism: An Empirical Framework," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 11-26, Fall.
  2. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
  3. Eijffinger, S.C.W. & de Haan, J., 2000. "European Monetary and Fiscal Policy," Other publications TiSEM a056022b-c6b1-4c89-bcd5-3, Tilburg University, School of Economics and Management.
  4. J.M. Arnold, Ivo, 2001. "The Regional Effects of Monetary Policy in Europe," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 16, pages 399-420.
  5. Eric M. Leeper & Christopher A. Sims & Tao Zha, 1996. "What Does Monetary Policy Do?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 1-78.
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