Investment and monetary policy in the euro area

被引：80

作者：

Mojon, B ^{[1
]}

Smets, F ^{[1
]}

Vermeulen, P ^{[1
]}

机构：

[1] European Cent Bank, DG Res, D-60311 Frankfurt, Germany

来源：

JOURNAL OF BANKING & FINANCE | 2002年 / 26卷 / 11期

关键词：

euro area; firms' investment; monetary policy;

D O I：

10.1016/S0378-4266(02)00202-9

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper analyses the effects of a change in monetary policy on firms' investment in Germany, France, Italy and Spain using a data set which provides aggregated balance sheet and profit and loss account data for 17 different industries and three different size classes. The main findings are twofold. First, in each of the four countries a change in the user cost of capital, which in turn is affected by interest rates, has both statistically and economically significant effects on investment. Second, while the average interest rate on debt is generally higher for small firms than for large firms, there is little evidence that the effects of monetary policy on small firms are larger. (C) 2002 Elsevier Science B.V. All rights reserved.

引用

页码：2111 / 2129

页数：19

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