Asymmetric Effects of Monetary Policy on Firms
利用美国1980年第三季度至2019年第四季度的企业数据，发现货币紧缩对就业和销售的影响大于货币宽松，而投资率对正负冲击的反应无显著不对称，并探讨了名义工资刚性和投资不可逆性等机制。
Abstract This paper documents firm‐level evidence on the asymmetric effects of monetary policy in the United States. Focusing on the 1980q3–2019q4 period, I find that monetary tightenings show larger effects on firms' employment and sales than monetary easings. In comparison, investment rate does not generate significant asymmetry in response to sign‐dependent monetary policy shocks. I interpret these findings in the context of downward nominal wage rigidity and investment irreversibility channels. Furthermore, I exploit cross‐sectional variation and show that employment of small, nondividend payer, low credit rating, and young firms displays larger contractions in response to a monetary tightening.