Industry structure and the real effects of monetary policy

Sebastian Hauptmeier and Fédéric Holm-Hadulla

Economic Bulletin Boxes, 2023, vol. 7

Abstract: This box studies how the transmission of monetary policy is affected by the growing service intensity of the euro area economy. The results show that higher service intensity dampens the impact of monetary policy on economic activity. At the same time, this dampening effect is moderate: we estimate that the increase in the service intensity observed since the introduction of the euro has reduced the real impact of monetary policy by less than 10%. JEL Classification: C32, E32, E52

Keywords: local projections; Monetary policy (search for similar items in EconPapers)
Date: 2023-11
Note: 538998
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbbox:2023:0007:4

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