Firm size and monetary policy transmission: evidence from German business survey data

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 of monetary policy. The business conditions of small firms are found to be somewhat more sensitive to monetary policy shocks than those of large firms, also when accounting for demand differences. These effects are reinforced in business cycle downturns.

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Year of publication:	2004
Authors:	Ehrmann, Michael
Publisher:	Munich : Center for Economic Studies and Ifo Institute (CESifo)
Subject:	Geldpolitik \| Transmissionsmechanismus \| Betriebsgröße \| Schock \| Konjunkturumfrage \| Theorie \| Deutschland \| monetary policy transmission \| firm size \| Markov switching

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Series:	CESifo Working Paper ; 1201
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	856632589 [GVK] hdl:10419/18840 [Handle]
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E32 - Business Fluctuations; Cycles ; C32 - Time-Series Models
Source:	EconStor