Financial Frictions and Monetary Policy: Accounting for the Behavior of Small and Large Firms over the Business Cycle

金融摩擦和货币政策:解释小型和大型企业在商业周期中的行为

基本信息

  • 批准号:
    0852345
  • 负责人:
  • 金额:
    $ 47.17万
  • 依托单位:
  • 依托单位国家:
    美国
  • 项目类别:
    Continuing Grant
  • 财政年份:
    2009
  • 资助国家:
    美国
  • 起止时间:
    2009-03-01 至 2016-02-29
  • 项目状态:
    已结题

项目摘要

Intellectual Merit: A central question in monetary economics is how monetary policy affects real activity over the business cycle. One widely held view is that it does so through the credit channel, by affecting the rates at which banks borrow and lend, and by affecting the balance sheets of firms, particularly for firms with limited access to financial markets. This proposal describes three projects aimed at investigating the quantitative importance of the credit channel and the implications of theoretical models of the credit channel for the conduct of monetary policy. The first proposed project is empirical and analyzes the business cycle characteristics of the size distribution of firms, price-cost margins, labor productivity, borrowing costs and other measures of financial constraints, all by firm size. The focus on firm size is motivated by the idea that larger firms have better access to financial markets. This analysis covers widely-used and new data for the postwar period and the Great Depression for the United States as well as postwar data for a number of other countries. The PI's have obtained approval from the Census Bureau for access to an extensive detailed collection of data at the plant and firm level since the 1970s. A panel tracking the behavior of plants and the characteristics of their associated firms will be constructed using this data and data from publicly available sources. Preliminary findings suggest that, over the business cycle, small and large firms (with very different access to capital markets) behave very similarly, but following monetary contractions small firms contract disproportionately relative to large forms.The second project builds a model consistent with the findings of the first project. In the model, financial frictions affect the use of working capital, particularly for small firms. Larger firms are less affected by these frictions because they have greater access to public financial markets. A monetary contraction disproportionately affects small firms and distorts their use of working capital relative to other inputs. Over the business cycle, productivity shocks affect both types of firms similarly as long as monetary policy is appropriately accommodative. Preliminary versions of the model suggest that while it is promising other mechanisms may be needed to amplify the e¤ects of shocks.The third project is intended to develop an amplification mechanism. We describe a model in which small firms discipline the monopoly power of large firms. Financial frictions disproportionately affect small firms. In recessions, financial frictions worsen and small firms marginal costs rise relative to those of large firms. The economy becomes less competitive and the resulting distortions provide a possible amplification mechanism. Furthermore, in the model, the labor wedge rises in recessions much as it does in the data.Broader Impacts: The broader impacts are that the projects will help improve the conduct of monetary policy over the business cycle. The projects will also help in the design of regulatory policy aimed at the banking and financial services industry and in the design of policies aimed at new and small firms. The research described here will be disseminated broadly. It will be published in academic journals as well as in publications by the Federal Reserve System and publications which are intended for fiscal and regulatory policymakers.
学术价值:货币经济学的一个中心问题是货币政策如何影响商业周期中的真实的活动。一种普遍持有的观点是,它通过信贷渠道影响银行借贷利率,并影响公司的资产负债表,特别是对进入金融市场机会有限的公司。该提案介绍了三个项目,旨在研究信贷渠道的数量重要性和信贷渠道的理论模型对货币政策的影响。第一个建议的项目是实证和分析的企业规模分布,价格成本利润率,劳动生产率,借贷成本和其他措施的财务约束,所有的企业规模的商业周期特征。对公司规模的关注是出于这样一种想法,即较大的公司更容易进入金融市场。这一分析涵盖了美国战后时期和大萧条时期广泛使用的新数据以及其他一些国家的战后数据。PI已经获得了人口普查局的批准,可以访问自20世纪70年代以来在工厂和公司层面收集的广泛详细的数据。将使用这些数据和来自公开来源的数据构建一个跟踪工厂行为及其相关公司特征的小组。初步研究结果表明,在商业周期中,小型和大型企业(有非常不同的资本市场准入)的行为非常相似,但以下货币紧缩的小型企业合同不成比例相对于大型forms.The第二个项目建立了一个模型与第一个项目的研究结果一致。在该模型中,金融摩擦影响营运资本的使用,特别是对小企业。较大的公司受这些摩擦的影响较小,因为它们更容易进入公共金融市场。货币紧缩对小企业的影响不成比例,并扭曲了它们相对于其他投入对营运资本的使用。在整个商业周期中,只要货币政策具有适当的预防性,生产率冲击对这两类企业的影响是相似的。该模型的初步版本表明,虽然它是有前途的,但可能需要其他机制来放大冲击的影响。我们描述了一个模型,在这个模型中,小企业约束大企业的垄断力量。金融摩擦对小企业的影响尤为严重。在经济衰退中,金融摩擦加剧,小企业的边际成本相对于大企业上升。经济竞争力下降,由此产生的扭曲提供了一种可能的放大机制。此外,在模型中,劳动力楔在衰退中的上升与数据中的情况非常相似。更广泛的影响:更广泛的影响是,这些项目将有助于改善商业周期中的货币政策行为。这些项目还将有助于设计针对银行和金融服务业的监管政策,并有助于设计针对新公司和小公司的政策。本文所述的研究将广泛传播。它将发表在学术期刊以及联邦储备系统的出版物和针对财政和监管政策制定者的出版物上。

项目成果

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Varadarajan Chari其他文献

Varadarajan Chari的其他文献

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{{ truncateString('Varadarajan Chari', 18)}}的其他基金

Financial Frictions, Monetary Policy and Business Cycles: Developing Quantitative Models of Economic Fluctuations
金融摩擦、货币政策和商业周期:开发经济波动的定量模型
  • 批准号:
    0419184
  • 财政年份:
    2004
  • 资助金额:
    $ 47.17万
  • 项目类别:
    Continuing Grant
Testing the Inflation Bias Hypothesis
检验通货膨胀偏差假设
  • 批准号:
    9986671
  • 财政年份:
    2000
  • 资助金额:
    $ 47.17万
  • 项目类别:
    Continuing Grant
A Critique of Discretionary Monetary Policy and an Analysis of Alternative Institutional Arrangements
对任意货币政策的批判和对替代性制度安排的分析
  • 批准号:
    9632054
  • 财政年份:
    1996
  • 资助金额:
    $ 47.17万
  • 项目类别:
    Continuing Grant
Optimal Macroeconomic Policy in General Equilibrium Models
一般均衡模型中的最优宏观经济政策
  • 批准号:
    9110236
  • 财政年份:
    1991
  • 资助金额:
    $ 47.17万
  • 项目类别:
    Continuing Grant

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