货币政策、市场力量与中小企业

Annalisa Ferrando, P. Mcadam, Filippos Petroulakis, X. Vives
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引用次数: 0

摘要

货币政策的目的是通过影响企业的边际成本来影响企业借贷,但其效力可能受到市场竞争程度的制约。在一个简单的古诺竞争环境中,我们首先确定了在不同竞争环境下边际成本变化对信贷约束和产出产生不同影响的条件。然后,我们利用欧元区的货币政策缓解冲击来检验政策传递是否受市场结构的制约。我们的研究表明,在集中度较低的行业中,小企业比在集中度较高的行业中的同类企业经历了更大的信贷约束减少。
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Monetary Policy, Market Power, and SMEs
Monetary policy aims to affect corporate borrowing by influencing the marginal costs of firms, but its potency can be conditioned by the degree of market competition. We first identify conditions under which changes in marginal costs have different effects on credit constraints and output under different competitive environments, in a simple Cournot competition setting. We then exploit a monetary policy easing shock in the euro area to examine whether policy pass-through is conditioned by market structure. We show that small firms within less concentrated sectors experienced a larger reduction in credit constraints than similar firms in more concentrated sectors.
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