Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/298513 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
Working Paper No. 5/2023
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
We investigate the transmission of monetary policy to investment using Norwegian administrative data. We have two main findings. First, financially constrained firms are more responsive to monetary policy, but the effect is modest; suggesting that firm heterogeneity plays a minor role in monetary transmission. Second, we disentangle the investment channel of monetary policy into direct effects from interest rate changes and indirect general equilibrium effects. We find that the investment channel of monetary policy is due almost exclusively to direct effects. The two results imply that a representative firm framework with investment adjustment frictions in most cases provides a sufficiently detailed description of the investment channel of monetary policy.
Schlagwörter: 
Monetary policy
Investment
JEL: 
E22
E52
D22
G31
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-82-8379-281-2
Creative-Commons-Lizenz: 
cc-by-nc-nd Logo
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
2.41 MB





Publikationen in EconStor sind urheberrechtlich geschützt.