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The differential impacts of monetary policy: Are the differences diminishing?

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  • Donald L. Schunk

Abstract

. Several recent studies have highlighted the importance of variation in industry‐mix across regions or states in explaining the differential impacts of monetary shocks across those areas. However, the differences between regions in terms of the percentage of total activity accounted for by manufacturing and construction have been decreasing. The logical implication is for the differential impacts of monetary shocks to diminish over time as regions become relatively more similar. This article estimates the state‐level impacts of federal funds rate shocks over two sample periods to determine whether the differences in the magnitude of monetary impacts have declined.

Suggested Citation

  • Donald L. Schunk, 2005. "The differential impacts of monetary policy: Are the differences diminishing?," Papers in Regional Science, Wiley Blackwell, vol. 84(1), pages 127-136, March.
    • Handle: RePEc:bla:presci:v:84:y:2005:i:1:p:127-136
    DOI: 10.1111/j.1435-5957.2005.00008.x
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    Cited by:

    1. Zsuzsanna Zsibók & Balázs Varga, 2012. "Inflation Persistence in Hungary: a Spatial Analysis," Working Papers 1203, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
    2. Masagus M. Ridhwan & Henri L. F. Groot & Piet Rietveld & Peter Nijkamp, 2014. "The Regional Impact of Monetary Policy in Indonesia," Growth and Change, Wiley Blackwell, vol. 45(2), pages 240-262, June.
    3. Wu, Chen & Rogers, Cynthia L., 2017. "One Size Does Not Fit All: Foreign Direct Investment Promotion Policies across US States," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 48(1), April.
    4. Víctor Hugo Torres‐Preciado, 2021. "Monetary policy and regional economic performance in Mexico: A structural panel VAR approach," Growth and Change, Wiley Blackwell, vol. 52(1), pages 195-223, March.
    5. Masagus M. Ridhwan & Henri L.F. de Groot & Peter Nijkamp, 2010. "The Impact of Monetary Policy on Economic Activity - Evidence from a Meta-Analysis," Tinbergen Institute Discussion Papers 10-043/3, Tinbergen Institute.
    6. Zan Yang & Shuping Wu & Yanhao Shen, 2017. "Monetary Policy, House Prices, and Consumption in China: A National and Regional Study," International Real Estate Review, Global Social Science Institute, vol. 20(1), pages 23-49.

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