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Monetary Policy Effects: Evidence from the Portuguese Flow of Funds

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  • Isabel Gameiro

Abstract

This paper uses a VAR approach to study the transmission of monetary policy shocks in Portugal, focusing in particular on the financial decisions of households, corporations (financial/non-financial), the government and the rest of the world. We confirm that, in many ways, households and firms react in a similar way as found in other countries, with evidence that the monetary policy shock has a contractionary effect on economic activity and increases the financing needs of households and non-financial corporations. We also find evidence that the financial sector plays an important role, supplying the necessary funds to these sectors. We do not find much evidence of a significant systematic behaviour of the government or the rest of the world.

Suggested Citation

  • Isabel Gameiro, 2010. "Monetary Policy Effects: Evidence from the Portuguese Flow of Funds," Working Papers w201014, Banco de Portugal, Economics and Research Department.
    • Handle: RePEc:ptu:wpaper:w201014
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    File URL: https://www.bportugal.pt/sites/default/files/anexos/papers/wp201014.pdf
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    Cited by:

    1. Bonci, Riccardo, 2011. "Monetary policy and the flow of funds in the euro area," Working Paper Series 1402, European Central Bank.
    2. Bhattacharya, Rudrani & Tripathi, Shruti & Chowdhury, Sahana Roy, 2019. "Financial structure, institutional quality and monetary policy transmission: A Meta-Analysis," Working Papers 19/274, National Institute of Public Finance and Policy.

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