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Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach
  • Language: en
  • Pages: 61

Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach

By combining industry-level data on output and prices with monetary policy rates for a panel of 88 countries, this paper analyzes how the effects of monetary policy vary with certain industry characteristics. Next to being interesting in their own right, our results are informative on the importance of various transmission mechanisms (as they are expected to vary systematically with the included characteristics). Rather than relying on standard monetary policy shock identification, we overcome the endogeneity problem by taking a differential approach (interacting our monetary policy measure with industry-level characteristics). Our results suggest that monetary contractions reduce output by more in industries featuring assets that are more difficult to collateralize (as predicted by the balance sheet channel) and in industries more reliant on international trade (as predicted by the exchange rate channel). Consistent with the financial accelerator mechanism, we find that the balance sheet channel becomes stronger during bad times. At the same time, we do not find evidence supporting the traditional interest rate channel of monetary policy; the same goes for the cost channel.

Index of Patents Issued from the United States Patent and Trademark Office
  • Language: en
  • Pages: 4402

Index of Patents Issued from the United States Patent and Trademark Office

  • Type: Book
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  • Published: Unknown
  • -
  • Publisher: Unknown

None

Computational Science and Its Applications - ICCSA 2006
  • Language: en
  • Pages: 1217

Computational Science and Its Applications - ICCSA 2006

  • Type: Book
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  • Published: 2006-05-11
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  • Publisher: Springer

The five-volume set LNCS 3980-3984 constitutes the refereed proceedings of the International Conference on Computational Science and Its Applications, ICCSA 2006. The volumes present a total of 664 papers organized according to the five major conference themes: computational methods, algorithms and applications high performance technical computing and networks advanced and emerging applications geometric modelling, graphics and visualization information systems and information technologies. This is Part IV.

Computational Science and Its Applications - ICCSA 2006
  • Language: en
  • Pages: 1268
Computational Science and Its Applications - ICCSA 2006
  • Language: en
  • Pages: 1069

Computational Science and Its Applications - ICCSA 2006

The five-volume set LNCS 3980-3984 constitutes the refereed proceedings of the International Conference on Computational Science and Its Applications, ICCSA 2006. The volumes present a total of 664 papers organized according to the five major conference themes: computational methods, algorithms and applications high performance technical computing and networks advanced and emerging applications geometric modelling, graphics and visualization information systems and information technologies. This is Part V.

Leadership Excellence
  • Language: en
  • Pages: 312

Leadership Excellence

  • Type: Book
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  • Published: 2007
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  • Publisher: Unknown

None

Focus On: 100 Most Popular 2010s South Korean Television Series
  • Language: en
  • Pages: 733

Focus On: 100 Most Popular 2010s South Korean Television Series

None

Official Gazette of the United States Patent and Trademark Office
  • Language: en
  • Pages: 824

Official Gazette of the United States Patent and Trademark Office

  • Type: Book
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  • Published: 2002
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  • Publisher: Unknown

None

Computational Science and Its Applications -- ICCSA 2004
  • Language: en
  • Pages: 1231

Computational Science and Its Applications -- ICCSA 2004

The four-volume set LNCS 3043-3046 constitutes the refereed proceedings of the International Conference on Computational Science and its Applications, ICCSA 2004, held in Assisi, Italy in May 2004. The four volumes present a total of 460 revised reviewed papers selected from numerous submissions. The proceedings spans the whole range of computational science from foundational issues in computer science and mathematics to advanced applications in virtually all sciences making use of computational techniques. The four volumes give a unique account of recent results in the area.

The Journal of the Korean Physical Society
  • Language: en
  • Pages: 838

The Journal of the Korean Physical Society

  • Type: Book
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  • Published: 2008
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  • Publisher: Unknown

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