R. Duval, D. Furceri, Raphaël Lee, Marina M. Tavares
{"title":"市场力量、金融约束和货币传导","authors":"R. Duval, D. Furceri, Raphaël Lee, Marina M. Tavares","doi":"10.1257/pandp.20231005","DOIUrl":null,"url":null,"abstract":"There is growing evidence that corporate market power is increasing and affecting monetary policy transmission. This paper develops a partial equilibrium model that highlights the role of financial constraints in shaping the role of markups for the response of firms to monetary policy shocks. We find support for such a role using a large cross-country firm-level dataset for 14 advanced economies.","PeriodicalId":72114,"journal":{"name":"AEA papers and proceedings. American Economic Association","volume":"53 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Market Power, Financial Constraints, and Monetary Transmission\",\"authors\":\"R. Duval, D. Furceri, Raphaël Lee, Marina M. Tavares\",\"doi\":\"10.1257/pandp.20231005\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"There is growing evidence that corporate market power is increasing and affecting monetary policy transmission. This paper develops a partial equilibrium model that highlights the role of financial constraints in shaping the role of markups for the response of firms to monetary policy shocks. We find support for such a role using a large cross-country firm-level dataset for 14 advanced economies.\",\"PeriodicalId\":72114,\"journal\":{\"name\":\"AEA papers and proceedings. American Economic Association\",\"volume\":\"53 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-05-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"AEA papers and proceedings. American Economic Association\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1257/pandp.20231005\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"AEA papers and proceedings. American Economic Association","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1257/pandp.20231005","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Market Power, Financial Constraints, and Monetary Transmission
There is growing evidence that corporate market power is increasing and affecting monetary policy transmission. This paper develops a partial equilibrium model that highlights the role of financial constraints in shaping the role of markups for the response of firms to monetary policy shocks. We find support for such a role using a large cross-country firm-level dataset for 14 advanced economies.
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