This paper uses firm-level financial data for Czech firms in the period from 2003 to 2011 and tests for the role of companies' financial structure in the transmission of monetary policy. Our results indicate that higher short-term interest rates coincide with lower shares of total debt and...

We analyse the effects of monetary policy on mergers and acquisitions (M&A) activity in the United States, both on the aggregate and the firm level. We find that aggregate M&A activity decreases significantly following a monetary policy shock. The aggregate results are confirmed by an analysis...

This article addresses two fundamental questions about monetary policy, credit conditions and corporate activity. First, can we relate differences in the composition of debt between tight and loose periods of monetary policy to firm characteristics like size, age, indebtedness or risk? Second,...