| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13214 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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