G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2495
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
URLhttps://cepr.org/publications/dp2495
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/531571
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.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Tim Besley]的文章
[Stephen Coate]的文章
百度学术
百度学术中相似的文章
[Tim Besley]的文章
[Stephen Coate]的文章
必应学术
必应学术中相似的文章
[Tim Besley]的文章
[Stephen Coate]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。