Similar Search Results

Monetary Policy, Corporate Finance and Investment

Cloyne, James - 2018

We provide new evidence on how monetary policy affects investment and firm finance in the United States and the United Kingdom. Younger firms paying no dividends exhibit the largest and most significant change in capital expenditure - even after conditioning on size, asset growth, Tobin's Q,...

Persistent link: https://www.econbiz.de/10012481014

Monetary Policy, Liquidity, and Growth

Aghion, Philippe - 2012

In this paper, we use cross-industry, cross-country panel data to test whether industry growth is positively affected by the interaction between the reactivity of real short term interest rates to the business cycle and industry-level measures of financial constraints. Financial constraints are...

Persistent link: https://www.econbiz.de/10012460587

How New Fed Corporate Bond Programs Dampened the Financial Accelerator in the Covid-19 Recession

Bordo, Michael D. - 2020

In the financial crisis and recession induced by the Covid-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also announced it would purchase newly issued and seasoned bonds...

Persistent link: https://www.econbiz.de/10012482316

Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms

Gertler, Mark - 1991

We present evidence on the cyclical behavior of small versus large manufacturing firms, and on the response of the two classes of firms to monetary policy. Our goal is to take a step toward quantifying the role of credit market imperfections in the business cycle and in the monetary transmission...

Persistent link: https://www.econbiz.de/10012475095

Risk-Taking and Monetary Policy Transmission : Evidence from Loans to SMEs and Large Firms

Caglio, Cecilia R.; Darst, R. Matthew; Kalemli-Ozcan, Sebnem - National Bureau of Economic Research - 2021

Using confidential regulatory firm-bank-loan level data from the U.S., we document four new facts about the credit market. First, private SMEs typically utilize all available bank credit which comprises their entire balance sheet debt, compared to large listed firms who can switch between...

Persistent link: https://www.econbiz.de/10012510563

Central Banks : Evolution and Innovation in Historical Perspective

Bordo, Michael D. - 2017

Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...

Persistent link: https://www.econbiz.de/10012453864

Monetary Policy and Innovation

Ma, Yueran; Zimmermann, Kaspar - National Bureau of Economic Research - 2023

We document that monetary policy has a substantial impact on innovation activities. After a tightening shock of 100 …-based aggregate innovation index, declines by up to 9 percent in the following 2 to 4 years. Based on previous estimates of the … sensitivity of output to innovation activities, these magnitudes imply that output could be 1 percent lower after another 5 years …

Persistent link: https://www.econbiz.de/10014372455