Firm Size, Industry Mix and the Regional Transmission of Monetary Policy in Germany
Ivo Arnold () and
Vrugt Evert B.
Additional contact information
Vrugt Evert B.: Universiteit Nyenrode,Breukelen, Netherlands
German Economic Review, 2004, vol. 5, issue 1, 35-59
Abstract:
This paper estimates the impact of interest rate shocks on regional output in Germany over the period from 1970 to 2000. We use a vector autoregression (VAR) model to obtain impulse responses, which reveal differences in the output responses to monetary policy shocks across ten German provinces. Next, we investigate whether these differences can be related to structural features of the regional economies, such as industry mix, firm size, bank size and openness. An additional analysis of the volatility of real GDP growth for the period 1992-2000 includes the Eastern provinces. We also present evidence on the interrelationship between firm size and industry, and compare our measure of firm size with those used in previous studies. We conclude that the differential regional effects of monetary policy are related to industrial composition, but not to firm size or bank size.
Keywords: Monetary transmission; regional effects; industry effects; firm (search for similar items in EconPapers)
Date: 2004
References: Add references at CitEc
Citations: View citations in EconPapers (3)
Downloads: (external link)
https://doi.org/10.1111/j.1465-6485.2004.00093.x (text/html)
For access to full text, subscription to the journal or payment for the individual article is required.
Related works:
Journal Article: Firm Size, Industry Mix and the Regional Transmission of Monetary Policy in Germany (2004) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:bpj:germec:v:5:y:2004:i:1:p:35-59
Ordering information: This journal article can be ordered from
https://www.degruyter.com/journal/key/ger/html
DOI: 10.1111/j.1465-6485.2004.00093.x
Access Statistics for this article
German Economic Review is currently edited by Peter Egger, Almut Balleer, Jesus Crespo-Cuaresma, Mario Larch, Aderonke Osikominu and Georg Wamser
More articles in German Economic Review from De Gruyter
Bibliographic data for series maintained by Peter Golla ().