G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13214
DP13214 Monetary Policy, Product Market Competition, and Growth
Philippe Aghion; Emmanuel Farhi; Enisse Kharroubi
发表日期2018-10-03
出版年2018
语种英语
摘要In this paper we argue that monetary easing fosters growth more in more credit-constrained environments, and the more so the higher the degree of product market competition. Indeed when competition is low, large rents allow firms to stay on the market and reinvest optimally, no matter how funding conditions change with aggregate conditions. To test this prediction, we use industry-level and firm-level data from the Euro Area to look at the effects on sectoral growth and firm-level growth of the unexpected drop in long-term government bond yields following the announcement of the Outright Monetary Transactions program (OMT) by the ECB. We find that the monetary policy easing induced by OMT, contributed to raising sectoral (firm-level) growth more in more highly leveraged sectors (firms), and the more so the higher the degree of product market competition in the country (sector).
主题Macroeconomics and Growth
URLhttps://cepr.org/publications/dp13214
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/542021
推荐引用方式
GB/T 7714
Philippe Aghion,Emmanuel Farhi,Enisse Kharroubi. DP13214 Monetary Policy, Product Market Competition, and Growth. 2018.
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