Effects of unconventional monetary policy across U.S. industries

Abstract

Using industry‐level data for all U.S. states obtained from the U.S. Bureau of Economic Analysis, this paper examines the impact that unconventional monetary policy has had on six U.S. industries. The results indicate that the impact varies across the industries analysed. The results show that total wages and salaries increased the most in the finance sector. However, the strongest impact on total real output was in the wholesale sector.