Financial Heterogeneity and the Investment Channel of Monetary Policy
成果类型：
Article
署名作者：
Ottonello, Pablo; Winberry, Thomas
署名单位：
University of Michigan System; University of Michigan; National Bureau of Economic Research; University of Chicago
刊物名称：
ECONOMETRICA
ISSN/ISSBN：
0012-9682
DOI：
10.3982/ECTA15949
发表日期：
2020
页码：
2473-2502
关键词：
摘要：
We study the role of financial frictions and firm heterogeneity in determining the investment channel of monetary policy. Empirically, we find that firms with low default risk-those with low debt burdens and high distance to default- are the most responsive to monetary shocks. We interpret these findings using a heterogeneous firm New Keynesian model with default risk. In our model, low-risk firms are more responsive to monetary shocks because they face a flatter marginal cost curve for financing investment. The aggregate effect of monetary policy may therefore depend on the distribution of default risk, which varies over time.