Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/297331 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
ECB Working Paper No. 2891
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We study how shocks to corporate leverage alter the macroeconomic transmission of monetary policy. We identify leverage shocks as idiosyncratic firm-level disturbances that are aggregated up to a size-weighted country-level average to generate a Granular Instrumental Variable (Gabaix and Koijen, forthcoming). Interacting this instrumental variable with high-frequency identified monetary policy shocks, we find that transmission to the price level strengthens in the presence of leverage shocks, while the real effects of monetary policy are unaffected. We show that this disconnect can be rationalized with an internal devaluation channel. Economies experiencing an increase in leverage exhibit a stronger monetary policy-induced contraction in domestic demand. This, however, is counteracted by a weaker contraction in exports, facilitated by their improved price competitiveness.
Schlagwörter: 
Monetary policy transmission
Corporate leverage
Granular Instrumental Variable
Micro-to-macro analysis
JEL: 
C36
E22
E52
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-6371-8
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
9.55 MB





Publikationen in EconStor sind urheberrechtlich geschützt.