Romain Duval, Davide Furceri, Raphaël Lee, Marina M. Tavares
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Abstract
We show that firms' market power dampens the response of their output to monetary policy shocks, using firm-level data for the USA and a large cross-country firm-level dataset for 14 advanced economies. We also find some evidence that the role of markups in monetary policy transmission, while independent from other channels, is greater for firms whose characteristics—notably size and age—are likely to be associated with greater financial constraints.
期刊介绍：
Economica is an international journal devoted to research in all branches of economics. Theoretical and empirical articles are welcome from all parts of the international research community. Economica is a leading economics journal, appearing high in the published citation rankings. In addition to the main papers which make up each issue, there is an extensive review section, covering a wide range of recently published titles at all levels.
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