New Findings on Firm Investment and Monetary Transmission in the Euro Area
In this paper we present comparative results on the determinants of firms' investment and their link to monetary policy. The results have been obtained by the Eurosystem Monetary Transmission Network. This network has produced a series of papers in which the use of micro data permits estimating and quantifying the relevance of two channels of monetary policy transmission: the interest-rate and the broad-credit channels. The research findings provide evidence of an operative interest-rate channel in all countries examined. Moreover, the results indicate that variables which proxy firms' financial conditions play a role. Firms characterized by weaker balance sheets show higher liquidity sensitivity. Copyright 2003, Oxford University Press.
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