货币政策对企业的不对称影响

IF 1.2 3区 经济学 Q3 BUSINESS, FINANCE
EZGI KURT
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引用次数: 0

摘要

本文记录了美国货币政策非对称效应的企业层面证据。以 1980q3-2019q4 年为研究对象,我发现货币紧缩政策对企业就业和销售的影响大于货币宽松政策。相比之下,投资率对依赖于符号的货币政策冲击的反应不具有显著的不对称性。我从名义工资刚性下降和投资不可逆渠道的角度来解释这些发现。此外,我还利用横截面的差异表明,小型企业、非派息企业、低信用等级企业和年轻企业的就业在货币紧缩政策下会出现更大的收缩。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Asymmetric Effects of Monetary Policy on Firms
This paper documents firm‐level evidence on the asymmetric effects of monetary policy in the United States. Focusing on the 1980q3–2019q4 period, I find that monetary tightenings show larger effects on firms' employment and sales than monetary easings. In comparison, investment rate does not generate significant asymmetry in response to sign‐dependent monetary policy shocks. I interpret these findings in the context of downward nominal wage rigidity and investment irreversibility channels. Furthermore, I exploit cross‐sectional variation and show that employment of small, nondividend payer, low credit rating, and young firms displays larger contractions in response to a monetary tightening.
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来源期刊
CiteScore
2.90
自引率
6.70%
发文量
98
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