The effect of monetary policy on firm-level uncertainty

IF 2.1 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2023-09-12 DOI:10.1016/j.econlet.2023.111319

Aeimit Lakdawala , Timothy Moreland

引用次数: 0

Abstract

Uncertainty at the firm-level falls on FOMC announcement days with substantial variation both across firms and over time. We find that this is not related to commonly used measures of monetary policy shocks which capture surprises about the expected path of the policy rate. Rather it is driven by changes in uncertainty around the expected path of the policy rate. This effect is attenuated for firms that have higher growth opportunities (as measured by Tobin’s Q).

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货币政策对企业层面不确定性的影响

公司层面的不确定性在联邦公开市场委员会宣布的日子里下降，公司之间和一段时间内都有很大的变化。我们发现，这与货币政策冲击的常用指标无关，货币政策冲击捕捉了政策利率预期路径的惊喜。相反，它是由政策利率预期路径的不确定性变化驱动的。对于具有较高增长机会的公司，这种影响会减弱（以托宾Q衡量）。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.