Eijffinger, Sylvester C W; Mahieu, Ronald J; Raes, Louis - C.E.P.R. Discussion Papers - 2011
business cycle. There are strong industry specific effects of monetary policy actions and communication. These industry effects … relate to the variation in cyclicality of different industries. Firm-specific effects of monetary policy relate to the … announcing future actions, central banks influence financial markets' expectations of its future policy. In bad times, monetary …