Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/217600 
Year of Publication: 
2016
Citation: 
[Journal:] Journal of Central Banking Theory and Practice [ISSN:] 2336-9205 [Volume:] 5 [Issue:] 3 [Publisher:] De Gruyter Open [Place:] Warsaw [Year:] 2016 [Pages:] 31-46
Publisher: 
De Gruyter Open, Warsaw
Abstract: 
In this study I investigate what impact monetary policy shocks have on firms’ fixed investment, the less liquid portion of gross investment that requires more planning. I account for firms facing financial constraints firms by utilizing a common measure of asset size, which is used in previous literature. I use two exogenous, continuous series of monetary policy shocks to show that constrained firms have statistically different responses to policy than unconstrained firms. Specifically, I find that constrained firms’ fixed investment significantly responds more to monetary policy shocks than unconstrained firms.
Subjects: 
Business Investment
Monetary Policy.
JEL: 
G31
E52
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Article

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