{"title":"Analyzing the transmission effects of monetary policy in production networks under economic policy uncertainty","authors":"Pin Peng , Yuanzhi Kang , Wanli Huang","doi":"10.1016/j.frl.2025.106762","DOIUrl":null,"url":null,"abstract":"<div><div>This study leverages the “National Economic Industry Classification (2017)” input–output table to construct a spatial weight matrix. It employs a fixed-effects spatial panel Durbin model to analyze the transmission effects of monetary policy through production networks to the real economy. The analysis reveals that production networks serve as a significant channel for monetary policy transmission. However, economic policy uncertainty index (<em>EPU)</em> weakens the transmission effects of production networks and dampens real economic growth. Nonetheless, it remains uncertain whether production networks amplify the suppressive effects of economic policy uncertainty (<em>EPU)</em> on economic growth.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"74 ","pages":"Article 106762"},"PeriodicalIF":6.9000,"publicationDate":"2025-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325000273","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This study leverages the “National Economic Industry Classification (2017)” input–output table to construct a spatial weight matrix. It employs a fixed-effects spatial panel Durbin model to analyze the transmission effects of monetary policy through production networks to the real economy. The analysis reveals that production networks serve as a significant channel for monetary policy transmission. However, economic policy uncertainty index (EPU) weakens the transmission effects of production networks and dampens real economic growth. Nonetheless, it remains uncertain whether production networks amplify the suppressive effects of economic policy uncertainty (EPU) on economic growth.
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