Firm investment and monetary policy transmission in the Euro Area

This paper presents a comparable set of results on the monetary transmission channels on firm investment (the interest rate channel and the broad credit channel) for the four largest euro-areacountries (Germany, France, Italy and Spain), using particularly rich micro datasets for eachcountry containing over 215,000 observations from 1985 to 1999. For each of those countries,investment relationships are estimated explaining investment by its user cost, sales and cash flow.A first result is that investment is sensitive to user cost changes in all those four countries. Thisimplies an operative interest channel in these euro-area countries. A second result is that investmentin all countries is quite sensitive to cash flow movements. However, only in Italy do smaller firmsreact more to cash flow movements than large firms, implying that a broad credit channel might notbe equally pervasive in all countries.Investment, Monetary Transmission Channels, User Cost of Capital

Firm Investment and Monetary Policy Transmission in the Euro Area

We present a comparable set of results on the monetary transmission channels on firm investment for the four largest euro-area countries (Germany, France, Italy and Spain). With particularly rich micro datasets for each country containing over 215,000 observations from 1985 to 1999, we explore what can be learned about the interest channel and the broad credit channel. For each of those countries, we estimate neo-classical investment relationships, explaining investment by its user cost, sales and cash flow. We find investment to be sensitive to user cost changes in all those four countries. This implies an operative interest channel in these euro-area countries. We also find investment in all countries to be quite sensitive to cash flow movements. However, only in Italy do smaller firms react more to cash flow movements than large firms, implying that a broad credit channel might not be equally pervasive in all countries.investment, monetary transmission, user cost of capital

New Findings on Firm Investment and Monetary Policy Transmission in the Euro Area

In this paper we present comparable results on the determinants of firms' investment and their link to monetary policy. The results have been obtained by the Eurosystem Monetary Transmission Network. This network has produced a series of papers in which the use of micro data permits estimating and quantifying the relevance of two channels of monetary policy transmission: the nterest rate and the broad credit channel. The research findings provide evidence of an operative interest rate channel in all countries examined. Moreover, the results indicate that variables which proxy firms' financial conditions play a role. Firms characterised by weaker balance sheetsshow higher liquidity sensitivity.investment, monetary transmission, user cost of capital

Firm Investment and Monetary Policy Transmission in the Euro Area

We present a comparable set of results on the monetary transmission channels on firm investment for the four largest euro-area countries (Germany, France, Italy and Spain). With particularly rich micro datasets for each country containing over 215,000 observations from 1985 to 1999, we explore what can be learned about the interest channel and the broad credit channel. For each of those countries, we estimate neoclassical investment relationships, explaining investment by its user cost, sales and cash flow. We find investment to be sensitive to user cost changes in all those four countries. This implies an operative interest channel in these euro-area countries. We also find investment in all countries to be quite sensitive to cash flow movements. However, only in Italy do smaller firms react more to cash flow movements than large firms, implying that a broad credit channel might not be equally pervasive in all countries. -- In einer vergleichenden Betrachtung untersuchen wir die Kanäle monetärer Transmission bezüglich des einzelwirtschaftlichen Investitionsverhaltens in den vier größten Ländern des Euro-Währungsraums (Deutschland, Frankreich, Italien und Spanien). Bei unserer Untersuchung des Zinskanals und des Kreditkanals können wir auf ausgesprochen reiche Datensätze mit insgesamt 215.000 Beobachtungen zurückgreifen. Für jedes dieser Länder schätzen wir neoklassische Investitionsgleichungen, bei denen das Investitionsverhalten durch die Kapitalnutzungskosten, den Absatz und den cash flow erklärt werden. In allen vier Ländern reagiert das Investitionsverhalten auf Änderungen der Kapitalnutzungskosten. Dies zeigt die Wirksamkeit eines Zinskanals in diesen Ländern. Weiterhin erweist sich in allen Ländern der betriebliche cash flow als wichtige Determinante für das Investitionsverhalten. Allerdings reagieren nur in Italien kleine Firmen stärker auf Änderungen des cash flows als große Firmen. Dies läßt darauf schließen, daß der Kreditkanal der monetären Transmission nicht in allen Ländern von gleicher Bedeutung ist.Investition,Monetäre Transmission,Kapitalnutzungskosten,investment,monetary transmission,user cost of capital

Firm investment and monetary transmission in the euro area

We present a comparable set of results on the monetary transmission channels on firm investment for the four largest countries of the euro area (Germany, France, Italy and Spain). With particularly rich micro datasets for each country containing over 215,000 observations from 1985 to 1999, we explore what can be learned on the interest channel and broad credit channel. For each of those countries we estimate neo-classical investment relationships, explaining investment by its user cost, sales and cash flow. We find investment to be sensitive to user cost changes in all those four countries. This implies an operative interest channel in these euro area countries. We also find investment in all those countries to be quite sensitive to cash flow movements. However we find that only in Italy smaller firms react more to cash flow movements, implying that a broad credit channel might not be as pervasive in all countries JEL Classification: E22, E50Investment, monetary transmission channels, user cost of capital

Monetary policy transmission in the euro area: New evidence from micro data on firms and banks

This paper presents an overview of the results of a research project on monetary transmission pursued by the Eurosystem, which has analysed micro data on firms and banks in several countries of the euro area in great detail. There is strong empirical support for an interest rate channel working through firm investment. Furthermore, a credit channel can be identified with firm micro data. On the bank side, there is evidence that lending reacts differently to monetary policy according to bank balance sheet characteristics. In particular, banks that have a less liquid asset composition show a stronger loan supply response. This finding may be due to banks drawing on their liquid assets to cushion the effects of monetary policy on their loan portfolio, which is in line with the existence of close relationships between banks and their loan customers.monetary policy transmission, interest rate channel, credit channel, euro area

Firm investment and monetary policy transmission in the Euro Area

This paper presents a comparable set of results on the monetary transmission channels on firm investment (the interest rate channel and the broad credit channel) for the four largest euro-areacountries (Germany, France, Italy and Spain), using particularly rich micro datasets for eachcountry containing over 215,000 observations from 1985 to 1999. For each of those countries,investment relationships are estimated explaining investment by its user cost, sales and cash flow.A first result is that investment is sensitive to user cost changes in all those four countries. Thisimplies an operative interest channel in these euro-area countries. A second result is that investmentin all countries is quite sensitive to cash flow movements. However, only in Italy do smaller firmsreact more to cash flow movements than large firms, implying that a broad credit channel might notbe equally pervasive in all countries

Monetary policy transmission in the euro area: New evidence from micro data on firms and banks

International audienceThis paper presents an overview of the results of a research project on monetary transmission pursued by the Eurosystem, which has analysed micro data on firms and banks in several countries of the euro area in great detail. There is strong empirical support for an interest rate channel working through firm investment. Furthermore, a credit channel can be identified with firm micro data. On the bank side, there is evidence that lending reacts differently to monetary policy according to bank balance sheet characteristics. In particular, banks that have a less liquid asset composition show a stronger loan supply response. This finding may be due to banks drawing on their liquid assets to cushion the effects of monetary policy on their loan portfolio, which is in line with the existence of close relationships between banks and their loan customers.Cet article présente une vue d'ensemble des résultats d'un projet de recherche sur les canaux de transmission de la politique monétaire mené par l'Eurosystème, qui a analysé en détail des données individuelles d'entreprises et de banques dans plusieurs pays de la zone Euro. L'évaluation empirique met en évidence un canal du taux d'intérêt sur l'investissement. De plus, le canal large du crédit a été identifié pour différents groupes d'entreprises dans différents pays. Du côté du canal étroit du crédit,l'évaluation empirique montre que les banques qui ont une composition de leur actif moins liquide ont une offre de prêts qui réagit plus fortement aux changements de politique monétaire. Ce résultat peut provenir du fait que certaines banques conserventdes actifs liquides afin d'amortir les effets de la politique monétaire sur leur portefeuille de crédit, ce qui est cohérent avec l'existence de relations étroites entre les banques et leurs emprunteurs

Research on crude protein and digestibility of Arnica montana L. using conventional NIR spectrometry and hyperspectral imaging NIR

peer reviewedaudience: researcher, professional, student, popularizationArnica montana L. (AM) is considered a medicinal plant, used as hay in feed ration. The aim of this study is to assess the prediction of protein content and in vitro organic matter digestibility value in grass mixtures containing Arnica montana L., and in a second step to check if these values have a positive or negative influence in the mixtures. Crude protein has been selected because it is one of the most important quality parameters of forages as nutritional element used in animal feeding. The protein is required on a daily basis for maintenance, lactation, growth and reproduction, but is important for agriculture too, because a high content of protein makes it an important source of feed. The digestibility is also important, because it refers to the extent to which a feedstuff is absorbed in the animal body as it passes through an animal’s digestive tract. In this study, the Weende system (the Kjeldahl method) for the protein content, together with the enzymatic technique for digestibility, was applied and used in combination with non-destructive methods, like those based on the Near Infrared Spectroscopy (NIRS) or the Near Infrared Hyperspectral Imaging. Based on NIR imaging system data, the PLS-DA was used to discriminate between the classes with AM and classes without AM, as well as to build a model that could be used to predict the composition of mixtures. More than 99% correct prediction for AM was obtained. The crude protein content of the hay determined by classical method decrease from the type of meadow Agrostis capillaris L. - Festuca rubra L. (15.22%) until to the pure sample of Arnica montana L. (11.19%); however, the digestibility was highest in the pure sample of Arnica montana L. (84.13%) and lowest in samples from the type of meadow Agrostis capillaris L. - Festuca rubra L. (57.18%) or in samples with the participation of Arnica montana L. This study should lead to a more important point, which is to verify whether the medicinal properties of Arnica montana L. can be transferred or not to milk production through the dairy cow feed.POSDRU/6/1.5/S/20 (PhD Program

Prediction of electroconvulsive therapy response and remission in major depression: Meta-analysis

Electroconvulsive therapy (ECT) is considered to be the most effective treatment in severe major depression. The identification of reliable predictors of ECT response could contribute to a more targeted patient selection and consequently increased ECT response rates. Aims To investigate the predictive value of age, depression severity, psychotic and melancholic features for ECT response and remission in major depression. Method A meta-analysis was conducted according to the PRISMA statement. A literature search identified recent studies that reported on at least one of the potential predictors. Results Of the 2193 articles screened, 34 have been included for metaanalysis. Presence of psychotic features is a predictor of ECT remission (odds ratio (OR) = 1.47, P = 0.001) and response (OR = 1.69, P < 0.001), as is older age (standardised mean difference (SMD) = 0.26 for remission and 0.35 for response (P < 0.001)). The severity of depression predicts response (SMD = 0.19, P = 0.001), but not remission. Data on melancholic symptoms were inconclusive. Conclusions ECT is particularly effective in patients with depression with psychotic features and in elderly people with depression. More research on both biological and clinical predictors is needed to further evaluate the position of ECT in treatment protocols for major depression