Firm Size and Monetary Policy Transmission – Evidence from German Business Survey Data

Michael Ehrmann ()

No CESifo Working Paper No. 1201, CESifo Working Paper Series from CESifo Group Munich

Abstract: Using business survey data on German manufacturing firms, this paper provides tests for hypotheses formulated in capital market imperfection theories that predict distributional effects in the transmission of monetary policy. The business conditions of small firms are found to be somewhat more sensitive to monetary policy shocks than those of large firms, also when accounting for demand differences. These effects are reinforced in business cycle downturns.

Keywords: monetary policy transmission; firm size; Markov switching (search for similar items in EconPapers)
JEL-codes: C32 E32 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-mon
Date: 2004
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Related works:
Working Paper: Firm Size and Monetary Policy Transmission - Evidence from German Business Survey Data (2000)
Working Paper: Firm size and monetary policy transmission: evidence from German business survey data (2000)
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Persistent link: http://EconPapers.repec.org/RePEc:ces:ceswps:_1201

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