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Investment behavior, user cost and monetary policy transmission: The case of Hungary
Kátay, Gábor; Wolf, Zoltán - 2004
In this paper we investigate corporate investment behavior using a large panel of Hungarian firms between 1993 and 2002 …, the effect of user cost changes on investment is significant and robust across several specifications providing strong … evidence against simple sales-accelerator models of investment. Firms' cash-flow proved to be a significant determinant of …
Persistent link: https://www.econbiz.de/10010322436
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The interest rate and credit channel in Belgium: an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001
This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a …. First, we estimate a reduced-form investment equation derived from the neo-classical model, augmented by cash flow. This …
Persistent link: https://www.econbiz.de/10011604153
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The interest rate and credit channels in Belgium: an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001
This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a …. First, we estimate a reduced-form investment equation derived from the neo-classical model, augmented by cash flow. This …
Persistent link: https://www.econbiz.de/10011506540
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The interest rate and credit channels in Belgium : an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001
This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a …. First, we estimate a reduced-form investment equation derived from the neo-classical model, augmented by cash flow. This …
Persistent link: https://www.econbiz.de/10011622593
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Firm investment and monetary policy transmission in the Euro area
Kalckreuth, Ulf von; Hernando, Ignacio; Generale, Andrea; … - 2001
We present a comparable set of results on the monetary transmission channels on firm investment for the four largest … channel. For each of those countries, we estimate neoclassical investment relationships, explaining investment by its user … cost, sales and cash flow. We find investment to be sensitive to user cost changes in all those four countries. This …
Persistent link: https://www.econbiz.de/10011431058
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Monetary policy effects on bank loans in Germany : a panel-econometric analysis
Worms, Andreas - 2001
A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to change bank loan supply. This paper contributes to the discussion on this issue by presenting empirical evidence from dynamic panel estimations based on a dataset that comprises...
Persistent link: https://www.econbiz.de/10011419446
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On the German monetary transmission mechanism : interest rate and credit channels for investment spending
Chirinko, Robert S.; Kalckreuth, Ulf von - 2003
The transmission channels through which monetary policy affects business investment remain opaque. This paper examines … the importance of the interest rate and credit channels on business fixed investment in Germany. We have at our disposal …
Persistent link: https://www.econbiz.de/10011514118
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Firm heterogeneity and the transmission of central bank credit policy
Kuhmann, Konrad - 2023
heterogeneous, aggregate investment is substantially less responsive to credit policy compared to an identical firm setting …
Persistent link: https://www.econbiz.de/10014234463
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Impact of bank competition on the interest rate pass-through in the euro area
van Leuvensteijn, Michiel; Sørensen, Christoffer Kok; … - 2008
This paper analyses the impact of loan market competition on the interest rates applied by euro area banks to loans and deposits during the 1994-2004 period, using a novel measure of competition called the Boone indicator. We find evidence that stronger competition implies significantly lower...
Persistent link: https://www.econbiz.de/10011604931
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Monetary transmission: empirical evidence from Luxembourg firm level data
Lünnemann, Patrick; Mathä, Thomas Y. - 2001
firms' investment ratio. Changes in user costs are significantly affected by changes in the monetary policy indicator. In … addition, firm specific balance sheet characteristics, such as the lagged cash stock to capital ratio influence the investment …
Persistent link: https://www.econbiz.de/10011604157