Market power and monetary policy transmission
利用美国和14个发达经济体的企业层面数据，研究发现企业的市场势力会削弱其产出对货币政策冲击的反应，且这一效应独立于其他渠道，对面临更大融资约束的企业（如小企业和年轻企业）更为显著。
Abstract We show that firms' market power dampens the response of their output to monetary policy shocks, using firm‐level data for the USA and a large cross‐country firm‐level dataset for 14 advanced economies. We also find some evidence that the role of markups in monetary policy transmission, while independent from other channels, is greater for firms whose characteristics—notably size and age—are likely to be associated with greater financial constraints.