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Industry Effects of Monetary Policy in Spain

Author

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  • Carlos J. Rodr�guez-Fuentes
  • David Padr�n-Marrero

Abstract

Rodr�guez-Fuentes C. J. and Padr�n-Marrero D. Industry effects of monetary policy in Spain, Regional Studies . The aim of this paper is to analyse the presence of sectoral asymmetries in monetary policy transmission in Spain in the period before the introduction of the single monetary policy in Europe (1988-98). Monetary policy shocks are identified through both a standard vector auto-regression model (VAR-shock) and the specification of a reaction function (RF-shock) for the monetary authority in Spain. The responses of the different industrial branches with regard to the estimated monetary shocks are then analysed at national accounting sector and subsector levels. The results confirm the presence of significant differences in the sectoral responses with respect to national monetary shocks in Spain. In addition, the sectoral asymmetries found in the present study show a strong correlation with regard to the regional asymmetries found in a previous study. Rodr�guez-Fuentes C. J. et Padr�n-Marrero D. Les effects de la politique mon�taire sur le secteur industriel en Espagne, Regional Studies . Cet article cherche � analyser la pr�sence des asym�tries sectorielles dans la transmission de la politique mon�taire en Espagne pendant la p�riode qui a pr�c�d� l'�tablissement du syst�me mon�taire europ�en (de 1988 � 1998). On identifie les chocs de la politique mon�taire � la fois par moyen d'un mod�le d'auto-r�gression vectorielle type (choc-VAR) et de la sp�cification d'une fonction de r�action (RF-choc) pour les instances mon�taires espagnoles. Dans le cadre des comptes de la nation et sur le plan sectoriel, il s'ensuit une analyse des r�ponses des divers secteurs industriels quant aux chocs mon�taires approximatifs. Les r�sultats confirment d'importantes diff�rences des r�ponses sectorielles quant aux chocs mon�taires nationaux en Espagne. En outre, les asym�tries sectorielles qui se pr�sentent, sont en corr�lation �troites avec les asym�tries r�gionales qui se pr�sentaient dans une �tude ant�rieure. Politique mon�taire Effets industriels Chocs mon�taires Espagne Rodr�guez-Fuentes C. J. und Padr�n-Marrero D. Branchenspezifische Auswirkungen der W�hrungspolitik in Spanien, Regional Studies . In diesem Beitrag wird die Pr�senz sektoraler Asymmetrien in der U¨bertragung der W�hrungspolitik in Spanien im Zeitraum vor der Einf�hrung der einheitlichen W�hrungs-politik in Europa (1988-98) untersucht. Die Schocks in der W�hrungspolitik werden mit Hilfe eines Standardvektor-Autoregressionsmodells (VAR-Schock) sowie durch Spezifizierung einer Reaktionsfunktion (RF-Schock) f�r die spanische W�hrungsbeh�rde identifiziert. Anschließend werden die Reaktionen der verschiedenen Industriebranchen hinsichtlich der gesch�tzten W�hrungsschocks auf den Ebenen des nationalen Buchhaltungssektors und der Untersektoren analysiert. Unsere Ergebnisse best�tigen die Pr�senz signifikanter Unterschiede hinsichtlich der sektoralen Reaktionen im Zusammenhang mit den nationalen W�hrungsschocks in Spanien. Dar�ber hinaus wiesen die in unserer Studie festgestellten sektoralen Asymmetrien eine starke Korrelation mit den in einer fr�heren Studie festgestellten regionalen Asymmetrien auf. W�hrungspolitik Branchenspezifische Auswirkungen W�hrungsschocks Spanien Rodr�guez-Fuentes C. J. y Padr�n-Marrero D. Los efectos de la pol�tica monetaria sobre la industria en Espa�a, Regional Studies . El objetivo de este art�culo es analizar la presencia de las asimetr�as sectoriales en la transmisi�n de la pol�tica monetaria en Espa�a durante el periodo antes de la introducci�n en Europa de la pol�tica monetaria única (1988-98). Identificamos los choques de la pol�tica monetaria a trav�s de un modelo est�ndar vector de autorregresi�n (choque VAR) y la especificaci�n de una funci�n de reacci�n (choque RF) para la autoridad monetaria en Espa�a. Analizamos luego las respuestas de las diferentes ramas industriales con respecto a los choques monetarios estimados en el sector de contabilidad nacional y los niveles de subsectores. Nuestros resultados confirman la presencia de diferencias significativas en las respuestas sectoriales con respecto a los choques monetarios nacionales en Espa�a. Asimismo las asimetr�as sectoriales de nuestro estudio muestran una fuerte correlaci�n con las asimetr�as regionales de un estudio previo. Pol�tica monetaria Efectos en la industria Choques monetarios Espa�a

Suggested Citation

  • Carlos J. Rodr�guez-Fuentes & David Padr�n-Marrero, 2008. "Industry Effects of Monetary Policy in Spain," Regional Studies, Taylor & Francis Journals, vol. 42(3), pages 375-384, April.
    • Handle: RePEc:taf:regstd:v:42:y:2008:i:3:p:375-384
    DOI: 10.1080/00343400701291583
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    References listed on IDEAS

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    1. Dedola, Luca & Lippi, Francesco, 2005. "The monetary transmission mechanism: Evidence from the industries of five OECD countries," European Economic Review, Elsevier, vol. 49(6), pages 1543-1569, August.
    2. Joe Ganley & Chris Salmon, 1997. "The Industrial Impact of Monetary Policy Shocks: Some Stylised Facts," Bank of England working papers 68, Bank of England.
    3. Gert Peersman & Frank Smets, 2005. "The Industry Effects of Monetary Policy in the Euro Area," Economic Journal, Royal Economic Society, vol. 115(503), pages 319-342, April.
    4. Hayo, Bernd & Uhlenbrock, Birgit, 1999. "Industry effects of monetary policy in Germany," ZEI Working Papers B 14-1999, University of Bonn, ZEI - Center for European Integration Studies.
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