Financial structure and the heterogeneous impact of monetary policy across industries

Journal of Economics and Business - Tập 61 - Trang 1-33 - 2009
George Georgopoulos1, Walid Hejazi2
1Economics, Atkinson Faculty of Liberal and Professional Studies, York University, 4700 Keele St., Toronto, Ontario, Canada M3J 1P3
2Rotman School of Management, University of Toronto, 105 St. George Street, Toronto, Ontario, Canada M5S 3E6

Tài liệu tham khảo

Armour, J., Engert, W., & Fung, B. (1996). Overnight rate innovations as a measure of monetary policy shocks in vector autoregressions. Bank of Canada Working Paper No. 96-4. Arnold, I. J. M. (1999). The regional effects of monetary policy in Europe. Universitat Nyendrode Working Paper. Arnold, I. J. M. (2000). The industry effects of monetary policy and their welfare implications. Universitat Nyendrode Working Paper. Arnold, I., Kool, C., & Raabe, K. (2005). New evidence on the firm size effects in U.S. monetary policy transmission. Discussion Paper Series 05-11. Tjalling C. Koopmans Research Institute, Utrecht School of Economics. Bernanke, 1995, Inside the black box: The credit channel of monetary policy transmission (in symposia: The monetary transmission mechanism), The Journal of Economic Perspectives, 9, 27, 10.1257/jep.9.4.27 Bernanke, 1996, The financial accelerator and the flight to quality, Review of Economics and Statistics, 78, 1, 10.2307/2109844 Booth, 2007 Bosner-Neal, 1997, Does the yield spread predict real economic activity? A multicountry analysis, Economic Review, 82, 37 Carlino, 1998, The differential effects of monetary policy, Review of Economics and Statistics, 80, 572, 10.1162/003465398557843 Carlino, 1999, Do states respond differently to changes in monetary policy?, Business Review, July/August, 17 Chirinko, 2001, Business fixed investment and “bubbles”: The Japanese case, The American Economic Review, 91, 663, 10.1257/aer.91.3.663 Cleary, 2007, The U-shaped investment curve: Theory and evidence, Journal of Financial and Quantitative Analysis, 42, 1, 10.1017/S0022109000002179 Cozier, B., & Tkazc, G. (1994). The Term Structure and Real Activity in Canada. Bank of Canada Working Paper 94-3. Estrella, 1991, The term structure as a predictor of real economic activity, Journal of Finance, 46, 555, 10.2307/2328836 Estrella, 1998, Predicting U.S. recessions: Financial variables as leading indicators, The Review of Economics and Statistics, 80, 45, 10.1162/003465398557320 Fazzari, S. R, Hubbard, G., & Petersen, B. C. (1988). Financing constraints and corporate investment, NBER Working Papers 2387, National Bureau of Economic Research, Inc. Fung, 2000, Measuring the stance of monetary policy Ganley, 1996, The industrial impact of monetary policy, Bank of England Quarterly Review, 3, 288 Ganley, J., & Salmon, C. (1997). The industrial impact of monetary policy shocks: Some stylzed facts. Bank of England Working paper. Georgopoulos, G. (2005). Measuring regional effects of monetary policy. York University Working paper. Gertler, 1994, Monetary policy, business cycles, and the behavior of small manufacturing firms, Quarterly Journal of Economics, 109.2, 309, 10.2307/2118465 Glahs, 2000 Harvey, 1988, The real term structure and consumption growth, Journal of Financial Economics, 22, 305, 10.1016/0304-405X(88)90073-6 Harvey, 1989, Forecasts of economic growth from stock and bond markets, Financial Analysts Journal, 38, 10.2469/faj.v45.n5.38 Harvey, 1997, The relation between the term structure of interest rates and Canadian economic growth, Canadian Journal of Economics, 30, 169, 10.2307/136365 Hejazi, 2000, Yield spreads as predictors of industrial production: Expectations on short rates or term premia?, Applied Economics, 32, 945, 10.1080/000368400321995 Moersch, 1996, Predicting output with a money market spread, Journal of Economics and Business, 48, 185, 10.1016/0148-6195(95)00076-3 Oliner, 1996, Is there a broad credit channel for monetary policy? Federal Reserve Bank of San Francisco, Economic Review, 0.1, 4 Peel, 1998, The slope of the yield curve and real economic activity: Tracing the transmission mechanism, Economics Letters, 59, 353, 10.1016/S0165-1765(98)00062-7 Plosser, 1994, International term structures and real economic growth, Journal of Monetary Economics, 33, 133, 10.1016/0304-3932(94)90017-5 Schaller, 1993, Asymmetric information, liquidity constraints and Canadian investment, Canadian Journal of Economics, 26.3, 552, 10.2307/135887 Stock, 1989, New indexes of coincident and leading indicators, vol. 4, 351