市场力量与货币政策传导

IF 1.6 3区经济学 Q2 ECONOMICS

Economica Pub Date : 2024-02-23 DOI:10.1111/ecca.12512

Romain Duval, Davide Furceri, Raphaël Lee, Marina M. Tavares

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引用次数: 0

摘要

我们利用美国的企业层面数据和 14 个发达经济体的大型跨国企业层面数据集表明，企业的市场力量会抑制其产出对货币政策冲击的反应。我们还发现了一些证据，表明加价在货币政策传导中的作用虽然与其他渠道无关，但对于那些其特征--尤其是规模和年龄--可能与更大的金融约束相关的企业来说，加价的作用更大。

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Market power and monetary policy transmission

We show that firms' market power dampens the response of their output to monetary policy shocks, using firm-level data for the USA and a large cross-country firm-level dataset for 14 advanced economies. We also find some evidence that the role of markups in monetary policy transmission, while independent from other channels, is greater for firms whose characteristics—notably size and age—are likely to be associated with greater financial constraints.

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来源期刊

Economica ECONOMICS-

CiteScore

2.40

自引率

0.00%

发文量

审稿时长

5 weeks

期刊介绍： Economica is an international journal devoted to research in all branches of economics. Theoretical and empirical articles are welcome from all parts of the international research community. Economica is a leading economics journal, appearing high in the published citation rankings. In addition to the main papers which make up each issue, there is an extensive review section, covering a wide range of recently published titles at all levels.