Firm Size and Monetary Policy Transmission: Evidence from German Business Survey Data

By Michael Ehrmann. Social Science Research Network, 2004

134 citations recorded by the source corpus.

Using business survey data on German manufacturing firms, this paper provides tests for hypotheses formulated in capital market imperfection theories that predict distributional effects in the transmission of monetary policy. The business conditions of small firms are found to be somewhat more sensitive to monetary policy shocks than those of large firms, also when accounting for demand differences. These effects are reinforced in business cycle downturns.

Subfields: Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/0e84bea26f60c8613e9dc5e3cfec171d46958f40

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In Economics and Econometrics

Citations in the corpus

Bank Loan Supply and Monetary Policy Transmission in Germany: An Assessment Based on Matching Impulse Responses (2006, background): “So far, much work on the credit channel in Germany – implemented by Barran, Coudert, and Mojon (1997), De Bondt (2000), Ehrmann (2004), Ehrmann and Worms (2004), Holtemöller (2003), Hülsewig, Winker, and Worms (2004), Kakes and Sturm (2002), Küppers (2001), Von Kalckreuth (2003) and Worms (2003)…”