Young Firms And Monetary Policy Transmission

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Young Firms And Monetary Policy Transmission

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-03-05

Young Firms And Monetary Policy Transmission written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-05 with Business & Economics categories.

We investigate the role of business dynamism in the transmission of monetary policy by exploitingthe variation in firm demographics across U.S. states. Using local projections, we find that a larger fraction of young firms significantly mutes the effects of monetary policy on the labor market and personal income over the medium term. The firm entry rate and the employment share of young firms are key factors underpinning these results, which are robust to a battery of robustness tests. We develop a heterogeneous-firm model with age-dependent financial frictions that rationalizes the empirical evidence.

Monetary Transmission

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Author : Patrick Lunnemann
language : en
Publisher:
Release Date : 2004

Monetary Transmission written by Patrick Lunnemann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.

This paper investigates the transmission of monetary policy using data from a panel of Luxembourg firms. The results indicate that the sales accelerator may be at work. A very robust result is the negative effect of the user cost of capital on firms' investment ratio. Changes in user costs are significantly affected by changes in the monetary policy indicator. In addition, firm specific balance sheet characteristics, such as the lagged cash stock to capital ratio influence the investment behaviour according to the broad credit channel theory. Using various sample splits, it is shown that young firms, in particular, are more sensitive to user cost changes, sales growth and the lagged cash to capital ratio.

Essays On Macroeconomics Monetary Policy And Firm Heterogeneity

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Author : Claire Thürwächter
language : en
Publisher:
Release Date : 2023

Essays On Macroeconomics Monetary Policy And Firm Heterogeneity written by Claire Thürwächter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.

Monetary Policy Labor Income Redistribution And The Credit Channel

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Author : Martina Jasova
language : en
Publisher:
Release Date : 2021

Monetary Policy Labor Income Redistribution And The Credit Channel written by Martina Jasova and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Income distribution categories.

This paper documents the redistributive effects of monetary policy on labor market outcomes via the credit channel. For identification, we exploit matched administrative datasets in Portugal -- employee-employer and credit registers -- and monetary policy since the Eurozone creation in 1999. We find that softer monetary policy improves worker labor market outcomes (wages, hours worked and firm employment) more in small and young firms, which are more financially constrained. Within small and young firms, the wage effects accrue to incumbent workers, in line with the back-loaded wage mechanism. Consistent with the capital-skill complementarity mechanism, we document an increase in skill premium and show that financially constrained firms increase both physical and human capital investment by most. Our findings uncover a central role for both the firm-balance sheet and the bank lending channels of the monetary policy transmission to labor income inequality, with state-dependent effects that are substantially stronger during crisis times. Importantly, we do not find any redistributive effects for firms without bank credit.

Nber Macroeconomics Annual 2001

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Author : Ben S. Bernanke
language : en
Publisher: MIT Press
Release Date : 2002

Nber Macroeconomics Annual 2001 written by Ben S. Bernanke and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.

Current issues in macroeconomics.

Market Power And Monetary Policy Transmission

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Author : Mr. Romain A Duval
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-09

Market Power And Monetary Policy Transmission written by Mr. Romain A Duval and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-09 with Business & Economics categories.

We show that firms’ market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm’s markup on its response to a monetary policy shock is large enough to materially affect monetary policy transmission. We also find some evidence that the role of markup in monetary policy transmission, while independent from other channels, is greater for firms whose characteristics — notably size and age — are likely to be associated with greater financial constraints. We rationalize these findings through a simple partial equilibrium model in which borrowing constraints amplify disproportionately low-markup firms’ responses to changes in interest rates.

Monetary Policy Transmission In The Euro Area

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Author : Ignazio Angeloni
language : en
Publisher: Cambridge University Press
Release Date : 2003-12-04

Monetary Policy Transmission In The Euro Area written by Ignazio Angeloni and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-12-04 with Business & Economics categories.

This 2003 book offers the most systematic analysis available of the impact of European Central Bank monetary policy on the national economies of the Eurozone. Analysing macro and micro-economic evidence, with chapters by central bank economists, including a discussion chapter by eminent macroeconomists, it is an essential contribution to research on the subject.

Hysteresis And Business Cycles

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Author : Ms.Valerie Cerra
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29

Hysteresis And Business Cycles written by Ms.Valerie Cerra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Firm Level Data And Monetary Policy The Case Of A Middle Income Country

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Author : Lahcen Bounader
language : en
Publisher: International Monetary Fund
Release Date : 2019-11-01

Firm Level Data And Monetary Policy The Case Of A Middle Income Country written by Lahcen Bounader and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-01 with Business & Economics categories.

We test the existence of the balance sheet channel of monetary policy in a middle-income country. Firm-level data scarcity and quality, in such a context, make the identification of this channel a steep challenge. To circumvent this challenge, we use panel instrumental variables estimation with measurement error to analyze the financial statements of 58 500 Moroccan firms over the period 2010-2016. Our analysis confirms the existence of this channel. It shows that monetary policy has a significant impact on small and medium enterprises’ access to banks’ financing, and that firm-specific variables are key determinants of firms’ financing decisions.

Handbook Of Research On Emerging Theories Models And Applications Of Financial Econometrics

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Author : Burcu Adıgüzel Mercangöz
language : en
Publisher: Springer Nature
Release Date : 2021-02-17

Handbook Of Research On Emerging Theories Models And Applications Of Financial Econometrics written by Burcu Adıgüzel Mercangöz and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-02-17 with Business & Economics categories.

This handbook presents emerging research exploring the theoretical and practical aspects of econometric techniques for the financial sector and their applications in economics. By doing so, it offers invaluable tools for predicting and weighing the risks of multiple investments by incorporating data analysis. Throughout the book the authors address a broad range of topics such as predictive analysis, monetary policy, economic growth, systemic risk and investment behavior. This book is a must-read for researchers, scholars and practitioners in the field of economics who are interested in a better understanding of current research on the application of econometric methods to financial sector data.