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Monetary Policy Effects: Evidence from the Portuguese Flow of Funds

  • Isabel Marques Gameiro
  • João Sousa

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.

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Paper provided by Banco de Portugal, Economics and Research Department in its series Working Papers with number w201014.

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Date of creation: 2010
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Handle: RePEc:ptu:wpaper:w201014
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