Manufacturing leverage weakens ECB monetary policy – BoI paper

Higher leverage among eurozone manufacturing firms weakens the effectiveness of the monetary policy, a working paper published by the Bank of Italy finds.

In Corporate leverage and monetary policy effectiveness in the euro area, Simone Auer, Marco Bernardini and Martina Cecioni focus on the eurozone’s manufacturing sector. The authors examine how sensitive industrial production is to shocks caused by the European Central Bank’s policy.

They find that when leverage in the manufacturing sector

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