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dc.contributor.authorHorra Ruiz, Luis Pablo de la 
dc.contributor.authorPerote Peña, Javier
dc.contributor.authorFuente Herrero, Gabriel de la 
dc.date.accessioned2021-08-19T10:40:14Z
dc.date.available2021-08-19T10:40:14Z
dc.date.issued2021
dc.identifier.citationInternational Review of Economics & Finance, 2021, vol. 75. p. 609-624es
dc.identifier.issn1059-0560es
dc.identifier.urihttps://uvadoc.uva.es/handle/10324/47920
dc.descriptionProducción Científicaes
dc.description.abstractThis paper investigates the impact of monetary policy on firm-level investment in contexts of economic turmoil. Using a panel of US public firms for the period 2000–2019, we show that policy-rate-based transmission mechanisms are undermined when uncertainty spikes. Furthermore, we find evidence of the existence of asymmetries at the firm level. In line with real options theory's predictions, firms with higher levels of investment irreversibility, operational inflexibility, and market power, as well as firms with lower cash flows and who operate in low-innovation sectors tend to be less responsive to changes in monetary policy. The effectiveness of monetary policy thus depends on the ability of monetary authorities to reduce uncertainty via expectations-based monetary tools, whilst targeting those sectors more likely to be affected by monetary-policy shifts.es
dc.format.mimetypeapplication/pdfes
dc.language.isoenges
dc.publisherElsevieres
dc.rights.accessRightsinfo:eu-repo/semantics/openAccesses
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.subject.classificationInvestment decisionses
dc.subject.classificationDecisiones de inversiónes
dc.subject.classificationInterest rateses
dc.subject.classificationTasas de interéses
dc.subject.classificationCentral bankses
dc.subject.classificationBancos centraleses
dc.subject.classificationPanel vector autoregressivees
dc.subject.classificationAutorregresión vectoriales
dc.titleMonetary policy and corporate investment: A panel-data analysis of transmission mechanisms in contexts of high uncertaintyes
dc.typeinfo:eu-repo/semantics/articlees
dc.rights.holder© 2021 The Authorses
dc.identifier.doi10.1016/j.iref.2021.04.035es
dc.relation.publisherversionhttps://www.sciencedirect.com/science/article/pii/S1059056021001003?via%3Dihubes
dc.peerreviewedSIes
dc.description.projectMinisterio de Economía, Industria y Competitividad (grant ECO 2017-84864-P)es
dc.description.projectJunta de Castilla y León (grant SA049G19)es
dc.rightsAtribución 4.0 Internacional*
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersiones


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