Industry Impacts of US Unconventional Monetary Policy

Goto Eiji ()
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Goto Eiji: University of Missouri-St. Louis, 1 University Blvd. 408 SSB, St Louis, MO 63121, USA

The B.E. Journal of Macroeconomics, 2024, vol. 24, issue 2, 749-780

Abstract: Conventional monetary policy has been shown to create differential impacts on industry output. This paper looks at unconventional monetary policy to see its differential impacts on industries in the United States. Identification is achieved with zero and sign restrictions within a structural global vector autoregressive framework. The effects of unconventional monetary policy on output have substantial heterogeneity across industries. Furthermore, the effects on output and monetary policy transmission mechanisms are qualitatively similar to that of conventional monetary policy previously reported in the literature. These findings suggest a substitutability between conventional and unconventional monetary policies. Importantly, policymakers can use unconventional monetary policy and be reassured that impacts on specific industries are similar to those using conventional monetary policy.

Keywords: unconventional monetary policy; industry output; monetary policy transmission mechanisms (search for similar items in EconPapers)
JEL-codes: E32 E52 G32 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1515/bejm-2022-0184

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