Путин на ПМЭФ: РФ будет расширять инвестиции в сферах улучшения жизни людей 5-tv.ru - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from 5-tv.ru Daily Mail and Mail on Sunday newspapers.
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.
Артем Шрайбман: Как Лукашенко продает Москве разрыв с Западом belmarket.by - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from belmarket.by Daily Mail and Mail on Sunday newspapers.
BIS: Monetary-Fiscal Crosswinds In The European Monetary Union Date
19 May 2021
Focus
This paper studies the monetary-fiscal mix in the European Monetary Union. When economies are hit by large shocks, such as the Covid crisis, the pre-set fiscal rules in a monetary union could be a constraint and offset the conduct of accommodative monetary policy. In addition, a more active fiscal policy could be a powerful tool to stabilise economic conditions when short-term interest rates hit the zero lower bound. The paper develops an econometric framework to study the dynamics between primary deficits, yields and returns, the market value of the debt, and inflation, under different monetary policy scenarios.