Industry growth at the lower bound

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-01-28 DOI:10.1016/j.jimonfin.2025.103283

Arsenios Skaperdas

引用次数: 0

Abstract

I show that if monetary policy is constrained by a lower bound on short-term interest rates, industries typically affected by monetary policy are disproportionately negatively affected. I test for this prediction in US data over 2008-2014 using multiple data sources and measures of monetary policy sensitivity. I find little evidence that growth was negatively affected, suggesting that the Federal Reserve's monetary policy was not very constrained by the lower bound.

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.