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Abstract
Using business survey data on 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.
May 19, 2021 at 10:48 AM
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You wouldn’t point to a banditry of chickadees yes, that’s what they’re called hanging out with a flock of ostriches and just say “look, a bunch of birds.” It’s technically true, of course, but one is an adorable passerine songbird and the other is basically a full-on velociraptor that really let itself go over the last 70 million years or so. Forget about how the ornithological eggheads parse birds little boxes, this is a distinction that even Jane Q. Public needs to be able to make at a glance because one of the two can absolutely kill you.