The effect of monetary policy on firm-level uncertainty

被引：0
|
作者：
Lakdawala, Aeimit [1 ]
Moreland, Timothy [2 ]
机构：
[1] Wake Forest Univ, Bowman Gray Sch Med, Dept Econ, 225 Kirby Hall, Winston Salem, NC 27109 USA
[2] UNC Greensboro, Dept Econ, POB 26170, Greensboro, NC 27402 USA
来源：
ECONOMICS LETTERS | 2023年 / 232卷
关键词：
Monetary policy transmission; Firm level uncertainty; INVESTMENT;
D O I：
10.1016/j.econlet.2023.111319
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Uncertainty at the firm-level falls on FOMC announcement days with substantial variation both across firms and over time. We find that this is not related to commonly used measures of monetary policy shocks which capture surprises about the expected path of the policy rate. Rather it is driven by changes in uncertainty around the expected path of the policy rate. This effect is attenuated for firms that have higher growth opportunities (as measured by Tobin's Q).(c) 2023 Elsevier B.V. All rights reserved.
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页数：4
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