Firm Size and Monetary Policy Transmission – Evidence from German Business Survey Data

Michael Ehrmann

No 1201, CESifo Working Paper Series from CESifo

Abstract: Using business survey data on German manufacturing firms, this paper provides tests for hypotheses formulated in capital market imperfection theories that predict distributional effects in the transmission of monetary policy. The business conditions of small firms are found to be somewhat more sensitive to monetary policy shocks than those of large firms, also when accounting for demand differences. These effects are reinforced in business cycle downturns.

Keywords: monetary policy transmission; firm size; Markov switching (search for similar items in EconPapers)
Date: 2004
New Economics Papers: this item is included in nep-mac and nep-mon
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Citations: View citations in EconPapers (10)

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Related works:
Chapter: Firm Size and Monetary Policy Transmission — Evidence from German Business Survey Data (2005)
Working Paper: Firm size and monetary policy transmission: evidence from German business survey data (2000)
Working Paper: Firm Size and Monetary Policy Transmission - Evidence from German Business Survey Data (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_1201

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