In this study, U.S. manufacturing firms' profitability measures including profit margins and returns on equity are … profitability ratios and the valuation multiples of U.S. manufacturing firms are insulated from the effects of monetary policy, and … contractionary policy is significantly correlated with these firms' profitability and price multiples, it has different impacts on …

The U.S. economy appears to have experienced a pronounced shift toward higher productivity over the last five years or … monetary policy for a given inflation target and a given level of productivity, and calculate the optimal monetary policy rule …