Segnalazione da ECB-BCE ResearchBulletin

 (...) the latest issue (No. 77) of the ECB Research Bulletin, entitled “How does monetary policy affect investment in the euro area?”

Elena Durante (DG Macro Prud. Policy and Financial Stability, European Central Bank), Annalisa Ferrando (DG Monetary Policy, European Central Bank) and Philip Vermeulen (Auckland University of Technology) show that monetary policy affects firms’ investment through two different channels. 

On the one hand, the “interest rate channel” affects demand for durable goods more than demand for services, which in turn affects investment demand from the producers of those goods. On the other hand, as young firms are more likely to face financing constraints, their stronger than average reaction can be explained by the “balance sheet channel” of monetary policy transmission. (...)