The effects of monetary policy on total factor productivity in the Euro Area

Detalhes bibliográficos
Autor(a) principal: Luis, Pedro Neves Rebelo
Data de Publicação: 2020
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/104199
Resumo: This paper analyses the impact that Monetary Policy has on Total Factor Produc-tivity (TFP) in the Euro Area, by computing a utilization corrected TFP measure andobtaining impulse response functions by using Local Projections with a high frequencyidentification external instrument. It finds evidence of a negative relationship betweentightening monetary policy and aggregate TFP, being part of this effect explained by afall in capital utilization. A sample split shows that the response of TFP to a monetaryshock is twice as large during the pre crisis period, suggesting that the financial crisisaftermath had a considerable impact on this linkage.
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spelling The effects of monetary policy on total factor productivity in the Euro AreaMonetary policyTotal factor productivityHigh frequency identificationLocal projectionsDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis paper analyses the impact that Monetary Policy has on Total Factor Produc-tivity (TFP) in the Euro Area, by computing a utilization corrected TFP measure andobtaining impulse response functions by using Local Projections with a high frequencyidentification external instrument. It finds evidence of a negative relationship betweentightening monetary policy and aggregate TFP, being part of this effect explained by afall in capital utilization. A sample split shows that the response of TFP to a monetaryshock is twice as large during the pre crisis period, suggesting that the financial crisisaftermath had a considerable impact on this linkage.Duarte, João B.RUNLuis, Pedro Neves Rebelo2021-01-03T01:30:39Z2020-01-152020-01-032020-01-15T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/104199TID:202492052enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:49:42Zoai:run.unl.pt:10362/104199Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:40:09.797819Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The effects of monetary policy on total factor productivity in the Euro Area
title The effects of monetary policy on total factor productivity in the Euro Area
spellingShingle The effects of monetary policy on total factor productivity in the Euro Area
Luis, Pedro Neves Rebelo
Monetary policy
Total factor productivity
High frequency identification
Local projections
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short The effects of monetary policy on total factor productivity in the Euro Area
title_full The effects of monetary policy on total factor productivity in the Euro Area
title_fullStr The effects of monetary policy on total factor productivity in the Euro Area
title_full_unstemmed The effects of monetary policy on total factor productivity in the Euro Area
title_sort The effects of monetary policy on total factor productivity in the Euro Area
author Luis, Pedro Neves Rebelo
author_facet Luis, Pedro Neves Rebelo
author_role author
dc.contributor.none.fl_str_mv Duarte, João B.
RUN
dc.contributor.author.fl_str_mv Luis, Pedro Neves Rebelo
dc.subject.por.fl_str_mv Monetary policy
Total factor productivity
High frequency identification
Local projections
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Monetary policy
Total factor productivity
High frequency identification
Local projections
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description This paper analyses the impact that Monetary Policy has on Total Factor Produc-tivity (TFP) in the Euro Area, by computing a utilization corrected TFP measure andobtaining impulse response functions by using Local Projections with a high frequencyidentification external instrument. It finds evidence of a negative relationship betweentightening monetary policy and aggregate TFP, being part of this effect explained by afall in capital utilization. A sample split shows that the response of TFP to a monetaryshock is twice as large during the pre crisis period, suggesting that the financial crisisaftermath had a considerable impact on this linkage.
publishDate 2020
dc.date.none.fl_str_mv 2020-01-15
2020-01-03
2020-01-15T00:00:00Z
2021-01-03T01:30:39Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/104199
TID:202492052
url http://hdl.handle.net/10362/104199
identifier_str_mv TID:202492052
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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