What are the effects of monetary policy on productivity?

被引：3
|
作者：
Guerin, Pierre [1 ]
机构：
[1] Int Monetary Fund, 700 19th St NW, Washington, DC 20431 USA
来源：
ECONOMICS LETTERS | 2023年 / 233卷
关键词：
Monetary policy shocks; Financial frictions; Productivity;
D O I：
10.1016/j.econlet.2023.111440
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We assess the effects of monetary policy shocks on total factor productivity (TFP) using a cross-country panel of firm-level data. We find that monetary policy shocks have a significant effect on TFP: a 100 basis points contractionary monetary policy shock is associated with a 11/2 percent decline in TFP at a 6-year horizon. The effects of monetary policy shocks on TFP are stronger for financially constrained or vulnerable firms. Further, we find support for a credit channel transmission mechanism of monetary policy on TFP in that intangible investment reacts adversely to contractionary monetary policy shocks.
引用
收藏
页数：4
相关论文
共 50 条
12345