The Industrial Impact of Monetary Policy Shocks: Some Stylised Facts

Working papers set out research in progress by our staff, with the aim of encouraging comments and debate
Published on 25 September 1997

Working paper No. 68
By Joe Ganley and Chris Salmon

This paper investigates the disaggregated effects of monetary policy shocks on the output of 24 sectors of the UK economy. The purpose of the analysis is to identify the speed and magnitude of the reactions of firms in these sectors to an unexpected monetary tightening; and to examine whether these responses provide any evidence on the transmission mechanism of monetary policy. The results indicate that the sensitivity of output to changes in monetary conditions differs markedly across industries.

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