Monetary policy may “ripple” through the economy by impacting the supply and demand of intermediate goods, research published by the Bank for International Settlements finds.
Frederic Boissay, Emilia Garcia-Appendini and Steven Ongena explore detailed data on US firms’ supply chains and “inter-sectoral input-output linkages”. They study how firms’ sales react to monetary shocks via their clients’ financial health, and how firms’ purchases are affected by their suppliers’ financial health.
The
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