Industry Effects of Monetary Policy in Germany

  • Bernd Hayo
  • Birgit Uhlenbrock
Part of the ZEI Studies in European Economics and Law book series (ZEIS, volume 1)


The question of monetary policy transmission has always been of key interest for monetary policy, but most of the research in this area, by nature of the topic, has been concentrating on the aggregate level of the economy1. This view, however, ignores possible asymmetries on more disaggregate levels of the economy, which could in turn lead to asymmetric effects of monetary policy across economic entities, such as sec tors of the economy, or regions.


Monetary Policy Impulse Response Function Mining Sector Industry Effect Monetary Policy Shock 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. Carlino, G.A., and DeFina, R. (1998) “Monetary policy and the U.S. states and regions: some implications for European monetary union.” Working paper no. 98–17, June.Google Scholar
  2. Deutsche Bundesbank. (1998) Seasonally adjusted business statistics 1998. Statistical Supplement to the Monthly Report 4 (online document).Google Scholar
  3. Diebold, F. X., and Nerlove, M. (1990) “Unit roots in economic time series: a selective survey.” in Fomby, T.B., and Rhodes, G.F.,Jr. (eds) Co-integration, spurious regressions, and unit roots. Advances in Econometrics series, vol. 8, Greenwich, Conn. and London: JAI Press, p. 3–69.Google Scholar
  4. Doan, T. A. (1996) RATS User’s Manual Version 4, fifth printing, Estima.Google Scholar
  5. Dornbusch, R., Favero, C., and Giavazzi, F. (1998) “Immediate challenges for the ECB - issues in formulating a single monetary policy.” Economic Policy, 0(26), April, p. 15–64.Google Scholar
  6. Frankel, J.A., and Rose, A.K. (1998) “The endogeneity of the optimum currency area criteria.” Economic Journal, Vol. 108, No. 449, p. 1009–1025.CrossRefGoogle Scholar
  7. Ganley, J., and Salmon, C. (1997) “The industrial impact of monetary policy shocks: some stylized facts.” working paper no. 68, Bank of England.Google Scholar
  8. Gerlach, S., and Smets, F. (1995) “The monetary transmission mechanism: evidence from the G-7 countries” in BIS (ed) Financial Structure and the Monetary Policy Transmission, p. 188–224Google Scholar
  9. Krugman, P., and Venables, A. J. (1996) “Integration, specialization, and adjustment.” European Economic Review, vol. 40, p. 959–967.CrossRefGoogle Scholar
  10. Lütkepohl, H. (1993) Introduction to multiple time series analysis, sec. ed., Heidelberg, New York, London and Tokyo: Springer.CrossRefGoogle Scholar
  11. Sims, C. A. (1992) “Interpreting the macroeconomic time series facts: The effects of monetary policy” European Economic Review, vol. 36, p. 975–1011.CrossRefGoogle Scholar
  12. Statistical Office of the Federal Republic of Germany: Industrial Classification of Economic Activities, Edition 1979, Version for Statistics of Production Industries.Google Scholar

Copyright information

© Springer Science+Business Media New York 2000

Authors and Affiliations

  • Bernd Hayo
    • 1
  • Birgit Uhlenbrock
    • 1
  1. 1.Center for European Integration StudiesUniversity of BonnBonnGermany

Personalised recommendations