What are the effects of monetary policy on productivity?
利用跨国企业面板数据，研究发现紧缩性货币政策冲击会导致全要素生产率下降，且对财务受限企业影响更大，支持信贷渠道传导机制。
We assess the effects of monetary policy shocks on total factor productivity (TFP) using a cross-country panel of firm-level data. We find that monetary policy shocks have a significant effect on TFP: a 100 basis points contractionary monetary policy shock is associated with a 1 1 2 percent decline in TFP at a 6-year horizon. The effects of monetary policy shocks on TFP are stronger for financially constrained or vulnerable firms. Further, we find support for a credit channel transmission mechanism of monetary policy on TFP in that intangible investment reacts adversely to contractionary monetary policy shocks.