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The profitability of monetary policy transmission
Hsu, Alex; Mitra, Indrajit; Zeng, Linghang - 2023
expectations of firm profitability. We use an existing decomposition of a monetary policy shock into a central bank information … (CAPM) beta have a higher investment rate sensitivity to the CBI component; no similar heterogeneity in investment response …
Persistent link: https://www.econbiz.de/10014388420
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The Investment Channel of Monetary Policy : evidence from Norway
Cao, Jin; Hegna, Torje; Holm, Martin Blomhoff; … - 2023
We investigate the transmission of monetary policy to investment using Norwegian administrative data. We have two main findings. First, financially constrained firms are more responsive to monetary policy, but the effect is modest; suggesting that firm heterogeneity plays a minor role in...
Persistent link: https://www.econbiz.de/10014314082
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Monetary policy, sectoral comovement and the credit channel
Di Pace, Federico; Görtz, Christoph - 2021
Persistent link: https://www.econbiz.de/10012546900
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What Does Financial Heterogeneity Say About the Transmission of Monetary Policy?
Vats, Nishant - 2021
shock results in a 2 percentage-point higher investment growth among treated (unconstrained) firms, reflecting their flatter …
Persistent link: https://www.econbiz.de/10013244258
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Credit Channel and Investment Behavior in Austria : A Micro-Econometric Approach
Valderrama, Maria Teresa - 2021
Using individual firm data, this study analyses the credit channel in Austria. The estimation is based on an accelerator specification of investment demand augmented by the liquidity ratio and a firm specific user cost of capital. The results show that there is a credit channel in Austria...
Persistent link: https://www.econbiz.de/10013320263
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The Profitability Channel of Monetary Policy Transmission
Hsu, Alex; Mitra, Indrajit; Zeng, Linghang - 2023
. We use an existing decomposition of a monetary policy shock into a central bank information (CBI) component and a … conventional monetary (MP) component. We find: (1) firms with a higher value of CAPM beta have a higher investment rate sensitivity … to the CBI shock; no similar heterogeneity in investment response is observed for MP shocks. (2) The heterogeneity in …
Persistent link: https://www.econbiz.de/10014354546
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Financial factors in economic fluctuations
Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2010
intermediation turns an otherwise diversifiable source of idiosyncratic economic uncertainty, the 'risk shock', into a systemic force …
Persistent link: https://www.econbiz.de/10003973320
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Consumption and Portfolio Rebalancing Response of Households to Monetary Policy : Evidence of the HANK Channel
Agarwal, Sumit - 2020
unique panel dataset of household's credit and debit card spending, ATM withdrawals, financial investments into risky assets …, households increase consumption by 2,095 rupees (30 USD) and risky investments by 20,728 rupees (300 USD) after the expiry of … elasticity of risky investments to be -19.5. Furthermore, we find that the effects on consumption and risky investment are larger …
Persistent link: https://www.econbiz.de/10012835832
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Financial Factors in Economic Fluctuations
Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2021
intermediation turns an otherwise diversifiable source of idiosyncratic economic uncertainty, the ‘risk shock’, into a systemic force …
Persistent link: https://www.econbiz.de/10013316211
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Differences in Resilience Between the Euro-Area and US Economies
Drew, Aaron - 2004
This paper is concerned with how stylised differences in monetary policy transmission mechanisms and product and labour market rigidities between the US and euro-area economies affect their resilience to temporary shocks. To address this issue, a small general equilibrium model with long-run...
Persistent link: https://www.econbiz.de/10012444383