| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP2495
|
| DP2495 Centralized versus Decentralized Provision of Local Public Goods: a Political Economy Analysis |
| Tim Besley; Stephen Coate
|
| 发表日期 | 2000-07-25
|
| 出版年 | 2000
|
| 语种 | 英语
|
| 摘要 | This paper presents new evidence on the monetary transmission mechanism based on the effects that unexpected monetary policy shocks exert on the activity of 21 manufacturing industries in 5 OECD countries (France, Germany, Italy, UK and USA). The goal is twofold. First, documenting the cross-industry heterogeneity of monetary policy effects. Second, explaining this heterogeneity in terms of some microeconomic characteristics which are suggested by theory, using an original firm-level database. The results highlight the following empirical regularities: (i) a significant cross-industry heterogeneity of policy effects; (ii) a cross-industry distribution of policy effects similar across countries. These patterns are systematically related to the industry output durability and investment-intensity and to measures of firms' borrowing capacity, size, and interest payment burden. The ?credit channel? variables are quantitatively as significant as the traditional ones (durability, investment intensity) in explaining the differential impact of monetary policy. |
| 主题 | International Macroeconomics
|
| 关键词 | Monetary policy transmission
Interest rate channel
Credit channel
Balance sheet data
|
| URL | https://cepr.org/publications/dp2495
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531571
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推荐引用方式
GB/T 7714 |
Tim Besley,Stephen Coate. DP2495 Centralized versus Decentralized Provision of Local Public Goods: a Political Economy Analysis. 2000.
|
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