货币政策的营运资本渠道在数量上相关吗？结构性估算方法

IF 0.7 4区经济学 Q3 ECONOMICS

Macroeconomic Dynamics Pub Date : 2024-05-31 DOI:10.1017/s1365100524000233

Hamilton Galindo Gil

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引用次数: 0

摘要

营运资本渠道是否很大，在不同行业是否存在差异？为了回答这个问题，我利用企业层面的数据估算了一个动态随机宏观金融模型。总体而言，我发现了一个部分渠道--大约四分之三的企业劳动力账单是借来的。然而，这一渠道的强度因行业而异，在零售企业中低至二分之一，而在农业和建筑业中则高达三分之一。这就证明了货币政策可以通过营运资本渠道对不同行业产生不同的影响。

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Is the working capital channel of the monetary policy quantitatively relevant? A structural estimation approach

Is the working capital channel big, and does it vary across industries? To answer this question, I estimate a dynamic stochastic macro-finance model using firm-level data. In aggregate, I find a partial channel —about three-fourths of firms’ labor bill are borrowed. However, the strength of this channel varies across industries, reaching as low as one-half for retail firms and as high as one for agriculture and construction. This provides evidence that monetary policy could have varying effects across industries through the working capital channel.

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来源期刊

Macroeconomic Dynamics ECONOMICS-

CiteScore

2.10

自引率

11.10%

发文量

期刊介绍： Macroeconomic Dynamics publishes theoretical, empirical or quantitative research of the highest standard. Papers are welcomed from all areas of macroeconomics and from all parts of the world. Major advances in macroeconomics without immediate policy applications will also be accepted, if they show potential for application in the future. Occasional book reviews, announcements, conference proceedings, special issues, interviews, dialogues, and surveys are also published.