| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25366 |
| 来源ID | Working Paper 25366 |
| Monetary Policy, Corporate Finance and Investment | |
| James Cloyne; Clodomiro Ferreira; Maren Froemel; Paolo Surico | |
| 发表日期 | 2018-12-17 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We provide new evidence on how monetary policy affects investment and firm finance in the United States and the United Kingdom. Younger firms paying no dividends exhibit the largest and most significant change in capital expenditure - even after conditioning on size, asset growth, Tobin's Q, leverage or liquidity - and drive the response of aggregate investment. Older companies, in contrast, hardly react at all. After a monetary policy tightening, net worth falls considerably for all firms but borrowing declines only for younger non-dividend payers, as their external finance is mostly exposed to asset value fluctuations. Conversely, cash flows change less markedly and more homogeneously across groups. Our findings highlight the role of firm finance and financial frictions in amplifying the effects of monetary policy on investment. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w25366 |
| 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/583040 |
| 推荐引用方式 GB/T 7714 | James Cloyne,Clodomiro Ferreira,Maren Froemel,et al. Monetary Policy, Corporate Finance and Investment. 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 | ||
| w25366.pdf（1322KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
