市场力量、金融约束和货币传导

AEA papers and proceedings. American Economic Association Pub Date : 2023-05-01 DOI:10.1257/pandp.20231005

R. Duval, D. Furceri, Raphaël Lee, Marina M. Tavares

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引用次数: 1

摘要

越来越多的证据表明，企业的市场力量正在增强，并影响着货币政策的传导。本文建立了一个部分均衡模型，强调了金融约束在企业对货币政策冲击的反应中形成加价作用的作用。我们使用了14个发达经济体的大型跨国企业数据集，发现了对这一角色的支持。

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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Market Power, Financial Constraints, and Monetary Transmission

There is growing evidence that corporate market power is increasing and affecting monetary policy transmission. This paper develops a partial equilibrium model that highlights the role of financial constraints in shaping the role of markups for the response of firms to monetary policy shocks. We find support for such a role using a large cross-country firm-level dataset for 14 advanced economies.

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AEA papers and proceedings. American Economic Association

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