Monetary Policy Impulses, Local Output and the Transmission Mechanism

Massimo Caruso ()
Additional contact information
Massimo Caruso: Bank of Italy

Giornale degli Economisti, 2006, vol. 65, issue 1, 1-30

Abstract: This paper evaluates the effects of unanticipated monetary policy shocks on Italian output on the basis of highly disaggregated data and a VAR methodology. The impact of unexpected changes in the money market interest rate on the pattern of industrial production – based on qualitative business opinion survey data – has been computed for 164 local industries. The perceived output effects of monetary impulses go up for local industries with higher investment expenditures and less liquid firms. The hypothesis that small firms bear a disproportionate burden of monetary policy does not find support in this sample.

Keywords: monetary policy shocks; business opinion surveys; heterogeneity (search for similar items in EconPapers)
JEL-codes: E52 E58 R12 (search for similar items in EconPapers)
Date: 2006
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
ftp://ftp.gde.unibocconi.it/gde_articles/2006/GDE_V65_N1_P1-30.pdf (application/pdf)

Related works:
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:gde:journl:gde_v65_n1_p1-30

Ordering information: This journal article can be ordered from
http://www.gde.unibocconi.it

Access Statistics for this article

More articles in Giornale degli Economisti from GDE (Giornale degli Economisti e Annali di Economia), Bocconi University via Sarfatti, 25 - 20136 Milano (Italy).
Bibliographic data for series maintained by Erika Somma ( this e-mail address is bad, please contact ).