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The effects of monetary policy on total factor productivity in the Euro Area
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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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Monetary policy Total factor productivity High frequency identification Local projections