Monetary Policy and Firm-Level Uncertainty

Uncertainty at the firm-level falls on FOMC announcement days with substantial variation both across firms and over time. We find that this movement is not related to surprises about the expected path of the policy rate but rather to forward guidance driven changes in uncertainty around the expected path. The effect of this monetary policy uncertainty is attenuated for firms that have higher growth opportunities (as measured by Tobin's Q)

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Year of publication:	[2022]
Authors:	Lakdawala, Aeimit ; Moreland, Timothy
Publisher:	[S.l.] : SSRN
Subject:	Geldpolitik \| Monetary policy \| Risiko \| Risk

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Extent:	1 Online-Ressource (16 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 14, 2022 erstellt
Other identifiers:	10.2139/ssrn.4017967 [DOI]
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E44 - Financial Markets and the Macroeconomy ; E43 - Determination of Interest Rates; Term Structure Interest Rates ; E58 - Central Banks and Their Policies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013307358