Q-Monetary Transmission

• 成果类型: Article
• 署名作者: Jeenas, Priit; Lagos, Ricardo
• 署名单位: Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; New York University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/726904
• 发表日期: 2024
• 页码: 971-1012
• 关键词: stock-market; capital structure; POLICY SURPRISES; interest-rates; INVESTMENT; liquidity; COSTS; FIRMS

摘要

We study the effects of monetary policy-induced changes in Tobin's q on corporate investment and capital structure. We develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the evidence, and quantify the relevance for monetary transmission to aggregate investment.