Monetary policy and the financial decisions of firms

被引：43
|
作者：
Cooley, T
Quadrini, V
机构：
[1] NYU, Stern Sch Business, New York, NY 10012 USA
[2] Univ So Calif, Marshall Sch Business, Los Angeles, CA 90089 USA
来源：
ECONOMIC THEORY | 2006年 / 27卷 / 01期
关键词：
monetary policy; firm financing; propagation mechanism;
D O I：
10.1007/s00199-004-0553-x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this paper we develop a general equilibrium model with heterogeneous, long-lived firms where financial factors play an important role in their production and investment decisions. When the economy is hit by monetary shocks, the response of small and large firms differs substantially, with small firms responding more than big firms. As a result of the financial decisions of firms, monetary shocks have a persistent impact on output. Another finding of the paper is that monetary shocks lead to considerable volatility in stock market returns.
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页码：243 / 270
页数：28
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