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Industry Effects of Monetary Policy in Germany

Author

Listed:
  • Bernd Hayo

    (ZEI & University of Bonn)

Abstract

This paper is on monetary policy transmission. First, it asks the question whether industries are affected differently by monetary policy shocks. Here both output and price effects are compared. Second, some industry characteristics are explored which may help to understand the existence of asymmetric effects. Third, since industries are regionally clustered, possible regional effects are being discussed as well. The analysis takes place within a VAR framework, and monthly data on West- German industries and are being employed. The results indicate that about one half of German industries show significantly different reactions compared to the aggregate. These differences can be partially explained by varying capital-output-ratios, export-orientation and subsidies. Finally it is likely, at least in the case of the German Länder, that asymmetric regional effects of monetary policy shocks will occur.

Suggested Citation

  • Bernd Hayo, 1999. "Industry Effects of Monetary Policy in Germany," Macroeconomics 9906009, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:9906009
    Note: Type of Document - PDF; prepared on IBM PC ; pages: 30; figures: included
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    Keywords

    monetary policy; monetary transmission; industry effects; VAR; regional effects; Germany;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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