Central Bank of Nigeria, Research Department
Industry effect, Monetary policy, Euro
The article sheds some light on the question of â€œwhether monetary policy has stronger effects on economic activity in recessions than in expansionsâ€. It analyzed which industries are relatively more affected in downturns. The estimation was done by examining eleven manufacturing industries in seven countries of the euro area. The article is related to the works of Garcia and Schaller,1995; Kakes, 1998; Dolado and Maria-Dolores, 1999; and Peersman and Smets, 2001.
Adenuga, A. O. (2007). The industry effects of monetary policy in the Euro area by Gert Peersman and Frank Smets: a review. CBN Economic and Financial Review, 45(2), 99-105.