总波动的决定因素:企业借贷渠道的作用

IF 0.7 4区经济学 Q3 ECONOMICS

Manchester School Pub Date : 2021-10-27 DOI:10.1111/manc.12385

Nicholas Apergis, Sayantan Ghosh Dastidar

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引用次数: 0

摘要

本文研究了2000-2018年间美国100家最大企业的企业借贷渠道与总波动之间的实证关系。本研究的动机源于宏观经济学的普遍共识，即对企业的微观经济冲击不会产生显著的总体波动。该分析扩展了Gabaix 2011年的基线模型，纳入了公司层面的“银行冲击”措施。除了支持颗粒假设外，计量经济学结果表明，银行冲击对GDP波动的影响较小，而非银行贷款对GDP波动的影响较大。上述发现经受住了与石油和货币冲击以及公司所在地因素相关的某些稳健性检验。

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The determinants of aggregate fluctuations: The role of firm-borrowing channels

The paper examines the empirical relationship between firm-borrowing channels and aggregate fluctuations for the 100 largest US firms over 2000–2018. The motivation for this study originates from the general consensus in macroeconomics that microeconomic shocks to firms cannot generate significant aggregate fluctuations. The analysis extends Gabaix's 2011 baseline model by incorporating measures for “bank shocks” at the firm-level. In addition to supporting the granular hypothesis, the econometric results indicate that bank shocks have a weak impact on GDP fluctuations, whereas non-bank loans exert a strong impact on the same. The above findings survive certain robustness checks associated with the presence of oil and monetary shocks, as well as with the firms’ location factor.

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来源期刊

Manchester School ECONOMICS-

CiteScore

1.80

自引率

9.10%

发文量

期刊介绍： The Manchester School was first published more than seventy years ago and has become a distinguished, internationally recognised, general economics journal. The Manchester School publishes high-quality research covering all areas of the economics discipline, although the editors particularly encourage original contributions, or authoritative surveys, in the fields of microeconomics (including industrial organisation and game theory), macroeconomics, econometrics (both theory and applied) and labour economics.