Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/18840
Authors: 
Ehrmann, Michael
Year of Publication: 
2004
Series/Report no.: 
CESifo Working Paper 1201
Abstract: 
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.
Subjects: 
monetary policy transmission
firm size
Markov switching
JEL: 
E52
E32
C32
Document Type: 
Working Paper

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