| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18072 |
| 来源ID | Working Paper 18072 |
| Monetary Policy, Liquidity, and Growth | |
| Philippe Aghion; Emmanuel Farhi; Enisse Kharroubi | |
| 发表日期 | 2012-05-10 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | In this paper, we use cross-industry, cross-country panel data to test whether industry growth is positively affected by the interaction between the reactivity of real short term interest rates to the business cycle and industry-level measures of financial constraints. Financial constraints are measured, either by the extent to which an industry is prone to being "credit constrained", or by the extent to which it is prone to being "liquidity constrained". Our main findings are that: (i) the interaction between credit or liquidity constraints and monetary policy countercyclicality, has a positive, significant, and robust impact on the average annual rate of labor productivity in the domestic industry; (ii) these interaction effects tend to be more significant in downturns than in upturns. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w18072 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575748 |
| 推荐引用方式 GB/T 7714 | Philippe Aghion,Emmanuel Farhi,Enisse Kharroubi. Monetary Policy, Liquidity, and Growth. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18072.pdf（385KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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