Monetary Policy, Corporate Finance and Investment

Medientyp: E-Book

Titel: Monetary Policy, Corporate Finance and Investment

Beteiligte: Cloyne, James [Verfasser:in]; Ferreira, Clodomiro [Sonstige Person, Familie und Körperschaft]; Froemel, Maren [Sonstige Person, Familie und Körperschaft]; Surico, Paolo [Sonstige Person, Familie und Körperschaft]

Körperschaft: National Bureau of Economic Research

Erschienen: Cambridge, Mass: National Bureau of Economic Research, 2018

Umfang: 1 Online-Ressource; illustrations (black and white)

Sprache: Englisch

DOI: 10.3386/w25366

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Reproduktionsnotiz: Hardcopy version available to institutional subscribers

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Anmerkungen: System requirements: Adobe [Acrobat] Reader required for PDF files
Mode of access: World Wide Web

Beschreibung: 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

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