Impulse response to monetary policy shocks at the level of industry
The paper aims at broadening the analysis of the mechanism of the impulse transmission of monetary policy through the analysis of the impact of central bank policy shocks on the output of individual sections within the processing industry of the Polish economy. The analysis is carriied out in the context of the approach to a transmission mechanism widely used in literature based on the vector autoregression models (VAR). The additional use of information at a more disaggregated level should enable a better understanding of the transmission mechanism. In the light of recent events on the financial markets, it is essential that such an approach to transmission analysis should potentially enable also the research of susceptibility in particular sectors of the economy to the decisions of the central bank depending on the balance structure typical to particular sectors of the economy and being a derivative of the typical structure of financing business. (original abstract)
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