Modelling monetary transmission in UK manufacturing industry
Andrew Tremayne and
Juan de Dios Tena ()
DES - Working Papers. Statistics and Econometrics. WS from Universidad Carlos III de Madrid. Departamento de Estadística
This paper studies the transmission of monetary policy to industrial output in the UK. In order to capture asymmetries, a system of threshold equations is considered. However, unlike previous research, endogenous threshold parameters are allowed to be different for each equation. This approach is consistent with economic intuition and is shown to be of tangible importance after suitable econometric evaluation. Results show evidence of cross-sectional differences across industries and asymmetries in some sectors. These findings contribute to the debate about the importance of alternative economic theories to explain these asymmetries and support the use of a sectorally disaggregated approach to the analysis of monetary transmission.
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Journal Article: Modelling monetary transmission in UK manufacturing industry (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:cte:wsrepe:ws062911
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