How Long to Read Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach

How Long Does it Take to Read Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach?

It takes the average reader 1 hour and 1 minute to read Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach by Sangyup Choi

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Description

By combining industry-level data on output and prices with monetary policy rates for a panel of 88 countries, this paper analyzes how the effects of monetary policy vary with certain industry characteristics. Next to being interesting in their own right, our results are informative on the importance of various transmission mechanisms (as they are expected to vary systematically with the included characteristics). Rather than relying on standard monetary policy shock identification, we overcome the endogeneity problem by taking a differential approach (interacting our monetary policy measure with industry-level characteristics). Our results suggest that monetary contractions reduce output by more in industries featuring assets that are more difficult to collateralize (as predicted by the balance sheet channel) and in industries more reliant on international trade (as predicted by the exchange rate channel). Consistent with the financial accelerator mechanism, we find that the balance sheet channel becomes stronger during bad times. At the same time, we do not find evidence supporting the traditional interest rate channel of monetary policy; the same goes for the cost channel.

How long is Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach?

Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach by Sangyup Choi is 61 pages long, and a total of 15,311 words.

This makes it 21% the length of the average book. It also has 19% more words than the average book.

How Long Does it Take to Read Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach Aloud?

The average oral reading speed is 183 words per minute. This means it takes 1 hour and 23 minutes to read Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach aloud.

What Reading Level is Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach?

Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

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