Industry growth at the lower bound

Arsenios Skaperdas

Journal of International Money and Finance, 2025, vol. 152, issue C

Abstract: I show that if monetary policy is constrained by a lower bound on short-term interest rates, industries typically affected by monetary policy are disproportionately negatively affected. I test for this prediction in US data over 2008-2014 using multiple data sources and measures of monetary policy sensitivity. I find little evidence that growth was negatively affected, suggesting that the Federal Reserve's monetary policy was not very constrained by the lower bound.

Keywords: Industry growth; Unconventional monetary policy; Lower bound (search for similar items in EconPapers)
JEL-codes: E32 E43 E47 E52 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jimfin:v:152:y:2025:i:c:s026156062500018x

DOI: 10.1016/j.jimonfin.2025.103283

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