Financial structure and the heterogeneous impact of monetary policy across industries |
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| Authors: | George Georgopoulos Walid Hejazi |
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| Institution: | 1. Economics, Atkinson Faculty of Liberal and Professional Studies, York University, 4700 Keele St., Toronto, Ontario, Canada M3J 1P3;2. Rotman School of Management, University of Toronto, 105 St. George Street, Toronto, Ontario, Canada M5S 3E6 |
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| Abstract: | The two general channels by which monetary policy impacts output are the neo-classical cost of capital channel and the credit channel. This paper decomposes the output response to a change in the stance of monetary policy to each of these channels. We use a unique industry level data set that measures the financial characteristics of firms operating at the industry level through time. We bring these financial characteristics formally into the regression analysis, thus allowing for a more precise identification of the two channels. The evidence indicates that both channels are active in the Canadian economy. |
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