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dc.contributor.authorEHRMANN, Michael
dc.date.accessioned2003-07-01T08:58:30Z
dc.date.available2003-07-01T08:58:30Z
dc.date.issued2000
dc.identifier.urihttps://hdl.handle.net/1814/741
dc.descriptionDigitised version produced by the EUI Library and made available online in 2020.
dc.description.abstractUsing business survey data oil German manufacturing firms, this paper provides tests for hypotheses formulated in capital market imperfection theories that predict distributional effects in the transmission mechanism of monetary policy. Effects of monetary policy shocks on the business conditions of firms of several size classes are analysed, with the finding of considerable asymmetry. As predicted by theory, small firms are affected more strongly than large firms. To test whether these effects are reinforced when the economy is in a business cycle downturn, the paper employs a new estimation strategy: impulse response analysis conditional on Markov-switching regimes. The findings are supportive of the theoretical hypotheses: in a business cycle downturn, the distributional effects of monetary policy transmission are indeed reinforced.
dc.format.mimetypeapplication/pdf
dc.language.isoen
dc.publisherEuropean University Institute
dc.relation.ispartofseriesEUI ECOen
dc.relation.ispartofseries2000/12en
dc.relation.isbasedonhttp://hdl.handle.net/1814/4910
dc.rightsinfo:eu-repo/semantics/openAccess
dc.titleFirm size and monetary policy transmission, evidence from German business survey dataen
dc.typeWorking Paper
eui.subscribe.skiptrue
dc.description.versionThe article is a revised version of a chapter [4] of the author’s EUI PhD thesis, 2000


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