The Impact of Non-financial Factors on Heterogeneous Sectoral Price and Output

Applied Economics Quarterly (formerly: Konjunkturpolitik), 2006, vol. 52, issue 3, pages 19-29

Abstract: This paper documents and analyses output and price reactions to monetary shocks for 13 manufacturing sectors in the UK. It is found that market share turns out to be a key variable for explaining heterogeneity of industrial price adjustment to monetary shocks in the sense that firms in concentrated industries have more power to adjust prices to demand shocks. However, sectoral output movements are better explained by the traditional interest rate channel.

Keywords: credit channel; interest rate channel; market structure (search for similar items in EconPapers)
JEL-codes: E3 L1 C3 (search for similar items in EconPapers)

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Applied Economics Quarterly (formerly: Konjunkturpolitik) is edited by Christian Wey and Klaus F. Zimmermann

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