Financial structure and the heterogeneous impact of monetary policy across industries

Autor:	George J. Georgopoulos, Walid Hejazi
Rok vydání:	2009
Předmět:	Macroeconomics Credit channel Economics and Econometrics Identification (information) Cost of capital Level data Monetary policy Economics Financial structure Regression analysis Monetary economics General Business Management and Accounting Communication channel
Zdroj:	Journal of Economics and Business. 61:1-33
ISSN:	0148-6195
DOI:	10.1016/j.jeconbus.2007.11.003
Popis:	The two general channels by which monetary policy impacts output are the neo-classical cost of capital channel and the credit channel. This paper decomposes the output response to a change in the stance of monetary policy to each of these channels. We use a unique industry level data set that measures the financial characteristics of firms operating at the industry level through time. We bring these financial characteristics formally into the regression analysis, thus allowing for a more precise identification of the two channels. The evidence indicates that both channels are active in the Canadian economy.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::cf3ee91da67a4ed9e9e9433e62ad033e https://doi.org/10.1016/j.jeconbus.2007.11.003 Zobrazit plný text záznamu Full Text from ScienceDirect