Employment and the residential collateral channel of monetary policy *

• 成果类型: Article
• 署名作者: Bahaj, Saleem; Foulis, Angus; Pinter, Gabor; Surico, Paolo
• 署名单位: University of London; University College London; Bank of England; University of London; London Business School
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2022.07.002
• 发表日期: 2022
• 页码: 26-44
• 关键词: Firm heterogeneity; financial constraints; SME financing; monetary policy transmission

摘要

Using micro-data covering private and public UK firms, we document heterogeneous re-sponses to monetary policy; finding that employment at younger, more-levered firms is most sensitive. This heterogeneity is consistent with firm-level financial constraints. To show this, we exploit the fact that the homes of company directors are a key source of corporate collateral, but many directors live in a different region to their firm, allowing specifications controlling for demand. Younger, more-levered firms exposed to collateral fluctuations drive the employment response, showing a residential collateral channel in the transmission of monetary policy to firms. (c) 2022 Published by Elsevier B.V.