Firm-Level Uncertainty and the Transmission of Monetary Policy
研究发现，面临更高不确定性的企业，其投资对货币政策冲击的反应更弱，且这一效应在投资可逆性成本更高的企业中更强。
Abstract We show that firms which face higher uncertainty adjust their investment less in response to monetary policy shocks. We find corroborating evidence of this differential effect from firm-level stock returns on FOMC announcement days. Our results are consistent with a real options (or “wait-and-see”) channel whereby higher uncertainty dampens the response to changes in business conditions. Consistent with this mechanism the dampening effect is stronger for firms that face higher reversibility costs of investment.