Sectoral Effects of Monetary Policy: The Evidence from Publicly Traded Firms

被引：11
|
作者：
Jansen, Dennis W. [1 ]
Kishan, Ruby P. [2 ]
Vacaflores, Diego E. [2 ]
机构：
[1] Texas A&M Univ, Dept Econ, College Stn, TX 77843 USA
[2] SW Texas State Univ, Dept Finance & Econ, San Marcos, TX 78666 USA
来源：
SOUTHERN ECONOMIC JOURNAL | 2013年 / 79卷 / 04期
关键词：
BEHAVIOR; TRANSMISSION; SHOCKS;
D O I：
10.4284/0038-4038-2011.040
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This article examines the impact of monetary policy on net sales of publicly traded firms in various sectors of the U.S. economy. We find that monetary policy has a heterogeneous effect on firms in different industries, with the strongest effect on firms in Retail and Wholesaling. Balance sheet characteristics, especially size, influence the impact of policy. Larger firms in several industries are able to mitigate the effect of policy. We find mixed results for firms' working capital, short-term debt ratio, and leverage ratio with respect to the operation of the credit channel of monetary transmission mechanism.
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页码：946 / 970
页数：25
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