Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/228126 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
LEM Working Paper Series No. 2019/28
Verlag: 
Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM), Pisa
Zusammenfassung: 
Based on a connection between network analysis and B-VAR models, this paper provides a first empirical evidence of the relationships between capital centralization expressed in terms of network control on one hand and monetary policy guidelines and business cycles on the other. Our findings suggest that a tightening monetary policy leads to a decrease in the fraction of top shareholders of network control which results in a higher centralization of capital; and that a higher centralization of capital, in turn, leads to a reduction of GDP with respect to its trend. These relations are confirmed both for the United States and the Euro Area.
Schlagwörter: 
network analysis
ownership and control networks
centralization of capital
monetary policy
business cycle
financial crisis
B-VAR models
JEL: 
C11
D85
E32
E5
G34
Dokumentart: 
Working Paper

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