Dedola, Luca and Lippi, Francesco (2005) The Monetary transmission mechanism: evidence from the industries of five OECD countries. European Economic Review, Vol. 49 (6), p. 1543-1569. ISSN 0014-2921. Article.
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This paper studies the monetary transmission mechanism using disaggregated industry data from five industrialized countries. Our goal is to document the cross-industry heterogeneity of monetary policy effects and relate it to industry characteristics suggested by monetary transmission theories. Sizable and significant cross-industry differences in the effects of monetary policy are found. Such differences swamp the hardly detectable cross-country variability. Sectoral output responses to monetary policy shocks are systematically related to the industry output durability, financing requirements, borrowing capacity and firm size. These findings are consistent with a quantitatively non-negligible role of financial frictions in the monetary transmission.
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