Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/278221 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
ECB Working Paper No. 2746
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
Using regionally disaggregated data on economic activity, we show that risk sharing plays a key role in shaping the real effects of monetary policy. With weak risk sharing, monetary policy shocks trigger a strong and durable response in output. With strong risk sharing, the response is attenuated, and output reverts to its initial level over the medium term. The attenuating impact of risk sharing via credit and factor markets concentrates over a two-year horizon, whereas fiscal risk sharing operates over longer horizons. Fiscal risk sharing especially benefits poorer regions by shielding them against persistent output contractions after tightening shocks.
Schlagwörter: 
Monetary Policy
Risk Sharing
Regional Heterogeneity
Local Projections
Quantile Regressions
JEL: 
C32
E32
E52
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-5394-8
Dokumentart: 
Working Paper

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