We analyze the influence of monetary policy on firms’ extensive margin and productivity. Our empirical evidence for the U.S. based on a macro-financial SVAR suggests that expansionary monetary policy shocks stimulate corporate profits, reduce firm exit and increase firm entry. In the medium...

We study the heterogeneous pass-through of monetary policy across firms with different labor shares. The goal is to obtain evidence on a labor-intensity transmission channel that should in fact be operating for other kinds of demand shocks as well. Our basic idea is that labor is special: unlike...

In this study, U.S. manufacturing firms' short-term financial management measures including net working capital, inventory turnover and receivables turnover are examined over the 1971-2005 period. The impacts of firm size, profitability, tangibility, market-to-book ratio, leverage, as well as...

In this study, U.S. manufacturing firms' profitability measures including profit margins and returns on equity are examined over the 1971-2005 period. We find strong support for the “insulation hypothesis” as our results show that the profitability ratios and the valuation multiples of U.S....