Monetary policy transmission to firms’ investments — It may depend on the tool
利用欧元区企业数据，研究发现加息会减少企业投资，但非常规货币政策工具对平均企业投资无显著影响；低杠杆和高市值企业受所有货币政策工具影响，而盈利能力未发现异质性。
This letter studies monetary policy transmission to public companies’ investments in the euro area using firm-level data. Rate hikes are estimated to decrease investments. When it comes to unconventional monetary policy tools, no statistically significant effect on the average firm’s investments is found. However, there is heterogeneity across firms: all the assessed monetary policy tools are estimated to affect firms with low leverage and high market capital. When it comes to firms’ profitability, no evidence about heterogenous effects is found. The results are different when it comes to employment.