Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/278354 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
ECB Working Paper No. 2778
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We study how monetary policy affects local market competition in a union of countries experiencing different economic conditions: the euro area. We find that when monetary conditions tighten (loosen), from the point of view of an individual economy, market concentration increases (declines). This effect is more pronounced when interest rates have been low-for-long, and it is stronger in sectors that are relatively more sensitive to changes in financing conditions. The underlying mechanism is a decline (increase) in short-term debt and investment by smaller and medium-size firms, relative to large firms, following monetary policy tightening (easing).
Schlagwörter: 
Eurozone
Monetary Union
Monetary Policy
Low Interest Rates
Competition
JEL: 
E2
G1
G12
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-5520-1
Dokumentart: 
Working Paper

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