Small Firms, Business Cycles and Monetary Policy

小企业、商业周期和货币政策

• 批准号: 9210160
• 负责人: Mark Gertler
• 金额: $ 11.43万
• 依托单位: New York University
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1992
• 资助国家: 美国
• 起止时间: 1992-07-01 至 1994-12-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9210160&HistoricalAwards=false
• 关键词: Small; Firms; Business; Cycles; Monetary

The purpose of this research is to analyze the cyclical behavior of small versus large firms, and to understand the differential response of the two kinds of firms with respect to monetary policy. The long run objective is to assess the importance of recent theories which emphasize the role of credit market imperfections in the propagation of business cycles and in the monetary transmission mechanism. The focus on cross-sectional differences in firm behavior at different stages of the business cycle exploits that idea that small firms are more likely than large firms to face problems getting credit. The empirical work centers on examining panel data on real and financial firm variables provided by the Census Bureau. Data is available for firms in the manufacturing, wholesale trade, retail trade, and mining sectors. An important difference with existing panel studies of firm behavior is that the sample distribution of firms is highly representative of the true firm population within each sector. In particular, small firms are more accurately represented. The representative nature of these data will facilitate drawing inferences about the relevance of the results for macroeconomic behavior. An objective is to quantify the impact firms facing financial constraints have on the aggregate volatility of output, inventories, and investment. This research is important because it will provide a better understanding of the interaction of small firm behavior and the business cycle.

本研究的目的是分析周期性行为 小公司和大公司的区别， 两类企业对货币政策的反应 政策 长期目标是评估以下方面的重要性： 强调信贷市场作用的最新理论 商业周期传播的不完善， 货币传导机制。 关注横截面 企业行为在不同阶段的差异 周期利用了这样一种观点，即小公司更有可能比 大公司在获得信贷方面面临困难。 实证工作集中在审查面板数据上的真实的和 金融公司变量由人口普查局提供。 数据 适用于制造业、批发业、零售业 贸易和采矿部门。 与现有的一个重要区别 公司行为的面板研究是， 企业是真正的企业人口的高度代表性， 每个部门。 特别是，小公司更准确地说， 代表。 这些数据的代表性将 便于对结果的相关性进行推断 宏观经济行为。 一个目标是量化 面临财务约束的公司对总体的影响 产出、库存和投资的波动性。 本研究 重要的是，它将提供更好的理解， 小企业行为与经济周期的相互作用。