| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16465 |
| DP16465 Bottleneck effects of monetary policy | |
| Frederic Boissay; Emilia Garcia-Appendini; Steven Ongena | |
| 发表日期 | 2022-02-24 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Is monetary policy transmitted through markets for intermediate goods? Analyzing unique US data on corporate linkages, we document that the financial health of downstream and upstream firms plays a key role in the transmission of monetary policy. Our estimates suggest that conventional contractionary changes in monetary conditions lead to reductions in both the demand and the supply of financially constrained firms downstream and upstream. These reductions create bottlenecks inducing the linked firms "in the middle" to curtail their own activities. Overall these "bottleneck effects" coming from the changes in demand and supply at financially constrained business partners are estimated to have a larger impact on a firm's operations than the firm's own financial conditions. |
| 主题 | Financial Economics |
| 关键词 | Monetary policy transmission Supply chain Aggregate demand Cost channel |
| URL | https://cepr.org/publications/dp16465-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546029 |
| 推荐引用方式 GB/T 7714 | Frederic Boissay,Emilia Garcia-Appendini,Steven Ongena. DP16465 Bottleneck effects of monetary policy. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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