文章基本信息

标题：Investment and monetary policy in the euro area
本地全文：下载
作者：Benoît Mojon ; Frank Smets ; Philip Vermeulen 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2001
出版社：European Central Bank
摘要：This paper analyses the effects of a change in monetary policy on firms. investment in Germany, France, Italy and spain using data set which provides aggregated balance sheet and profit and loss account data for 17 different industries and 3 different siz classes. The main findings are twofold. First, in each of the four countries a change in the user cost of capital, which in turn is affected by interest rates, has both statistically and economically significant effects on investment. Second, while the average interest rate on debt is generally higher for small firms than for large firms, there is little evidence that the effects of monetary policy on small firms are larger.
关键词：investment; cost of capital; monetary transmission;euro areal.