| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24221 |
| 来源ID | Working Paper 24221 |
| Financial Heterogeneity and the Investment Channel of Monetary Policy | |
| Pablo Ottonello; Thomas Winberry | |
| 发表日期 | 2018-01-22 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study the role of financial frictions and firm heterogeneity in determining the investment channel of monetary policy. Empirically, we find that firms with low default risk – those with low debt burdens and high “distance to default” – are the most responsive to monetary shocks. We interpret these findings using a heterogeneous firm New Keynesian model with default risk. In our model, low-risk firms are more responsive to monetary shocks because they face a flatter marginal cost curve for financing investment. The aggregate effect of monetary policy may therefore depend on the distribution of default risk, which varies over time. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w24221 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581894 |
| 推荐引用方式 GB/T 7714 | Pablo Ottonello,Thomas Winberry. Financial Heterogeneity and the Investment Channel of Monetary Policy. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24221.pdf（1297KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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