Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/228126 
Year of Publication: 
2019
Series/Report no.: 
LEM Working Paper Series No. 2019/28
Publisher: 
Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM), Pisa
Abstract: 
Based on a connection between network analysis and B-VAR models, this paper provides a first empirical evidence of the relationships between capital centralization expressed in terms of network control on one hand and monetary policy guidelines and business cycles on the other. Our findings suggest that a tightening monetary policy leads to a decrease in the fraction of top shareholders of network control which results in a higher centralization of capital; and that a higher centralization of capital, in turn, leads to a reduction of GDP with respect to its trend. These relations are confirmed both for the United States and the Euro Area.
Subjects: 
network analysis
ownership and control networks
centralization of capital
monetary policy
business cycle
financial crisis
B-VAR models
JEL: 
C11
D85
E32
E5
G34
Document Type: 
Working Paper

Files in This Item:
File
Size
680.87 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.