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| HAL : halshs-00119490, version 1 |
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| Oxford Review of Economic Policy 19, 1 (2003) 1-11 |
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| New Findings on Firm Investment and Monetary Policy Transmission in the Euro Area |
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| Jean-Bernard Chatelain 1, 2Andrea Generale 3 |
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| (2003) |
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| In this paper we present comparable results on the determinants of firms' investment and their link to monetary policy. The results have been obtained by the Eurosystem Monetary Transmission Network. This network has produced a series of papers in which the use of micro data permits estimating and quantifying the relevance of two channels of monetary policy transmission: the nterest rate and the broad credit channel. The research findings provide evidence of an operative interest rate channel in all countries examined. Moreover, the results indicate that variables which proxy firms' financial conditions play a role. Firms characterised by weaker balance sheets show higher liquidity sensitivity. |
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| 1 : | Paris-Jourdan Sciences Economiques (PSE) |
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CNRS : UMR8545 – Ecole des Hautes Etudes en Sciences Sociales (EHESS) – Ecole des Ponts ParisTech – Ecole Normale Supérieure de Paris - ENS Paris |
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| 2 : | Centre d'économie de la Sorbonne (CES) |
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CNRS : UMR8174 – Université Paris I - Panthéon Sorbonne |
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| 3 : | Banca d´Italia |
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Banca d´Italia |
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| 4 : | Bank of Spain |
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Bank of Spain |
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| 5 : | European Central Bank (ECB) |
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European Central Bank |
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| 6 : | Bundesbank |
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Bundesbank |
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| Discipline | : | Sciences de l'Homme et Société/Economie et finances |
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| investment – monetary transmission – user cost of capital |
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| Liste des fichiers attachés à ce document : | |||||
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| halshs-00119490, version 1 | |
| http://halshs.archives-ouvertes.fr/halshs-00119490 | |
| oai:halshs.archives-ouvertes.fr:halshs-00119490 | |
| Contributeur : Jean-Bernard Chatelain | |
| Soumis le : Lundi 11 Décembre 2006, 19:20:56 | |
| Dernière modification le : Dimanche 8 Novembre 2009, 16:45:00 | |
