Abstract
The question of monetary policy transmission has always been of key interest for monetary policy, but most of the research in this area, by nature of the topic, has been concentrating on the aggregate level of the economy1. This view, however, ignores possible asymmetries on more disaggregate levels of the economy, which could in turn lead to asymmetric effects of monetary policy across economic entities, such as sec tors of the economy, or regions.
We want to thank Jürgen von Hagen, Rolf Strauch, Bernd Kempa, Helmut Seitz, Elmar Stöß and Lukas Menkhoff, the participants of the Bundesbank/ZEI-University of Bonn seminar, and the participants of the conference “Common Money, Uncommon Regions” for their constructive feedback and suggestions. We are, however, solely responsible for all remaining shortcomings.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Carlino, G.A., and DeFina, R. (1998) “Monetary policy and the U.S. states and regions: some implications for European monetary union.” Working paper no. 98–17, June.
Deutsche Bundesbank. (1998) Seasonally adjusted business statistics 1998. Statistical Supplement to the Monthly Report 4 (online document).
Diebold, F. X., and Nerlove, M. (1990) “Unit roots in economic time series: a selective survey.” in Fomby, T.B., and Rhodes, G.F.,Jr. (eds) Co-integration, spurious regressions, and unit roots. Advances in Econometrics series, vol. 8, Greenwich, Conn. and London: JAI Press, p. 3–69.
Doan, T. A. (1996) RATS User’s Manual Version 4, fifth printing, Estima.
Dornbusch, R., Favero, C., and Giavazzi, F. (1998) “Immediate challenges for the ECB - issues in formulating a single monetary policy.” Economic Policy, 0(26), April, p. 15–64.
Frankel, J.A., and Rose, A.K. (1998) “The endogeneity of the optimum currency area criteria.” Economic Journal, Vol. 108, No. 449, p. 1009–1025.
Ganley, J., and Salmon, C. (1997) “The industrial impact of monetary policy shocks: some stylized facts.” working paper no. 68, Bank of England.
Gerlach, S., and Smets, F. (1995) “The monetary transmission mechanism: evidence from the G-7 countries” in BIS (ed) Financial Structure and the Monetary Policy Transmission, p. 188–224
Krugman, P., and Venables, A. J. (1996) “Integration, specialization, and adjustment.” European Economic Review, vol. 40, p. 959–967.
Lütkepohl, H. (1993) Introduction to multiple time series analysis, sec. ed., Heidelberg, New York, London and Tokyo: Springer.
Sims, C. A. (1992) “Interpreting the macroeconomic time series facts: The effects of monetary policy” European Economic Review, vol. 36, p. 975–1011.
Statistical Office of the Federal Republic of Germany: Industrial Classification of Economic Activities, Edition 1979, Version for Statistics of Production Industries.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2000 Springer Science+Business Media New York
About this chapter
Cite this chapter
Hayo, B., Uhlenbrock, B. (2000). Industry Effects of Monetary Policy in Germany. In: von Hagen, J., Waller, C.J. (eds) Regional Aspects of Monetary Policy in Europe. ZEI Studies in European Economics and Law, vol 1. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-6390-4_5
Download citation
DOI: https://doi.org/10.1007/978-1-4757-6390-4_5
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4419-5111-3
Online ISBN: 978-1-4757-6390-4
eBook Packages: Springer Book Archive