UID:
almafu_9958123198002883
Umfang:
1 online resource (41 pages)
ISBN:
9786613801951
,
9781462358939
,
1462358934
,
9781452782478
,
1452782474
,
9781282108608
,
1282108603
,
9781451904239
,
1451904231
Serie:
IMF Working Papers
Inhalt:
In contrast to conventional money demand literature, this paper proposes that monetary policy affects corporate liquidity demand directly through a separate channel-what we call "the loan commitment channel." Upon persistent monetary policy shocks, firms make substitutions between sources of funds for intertemporal liquidity management, taking advantage of loan commitments and sluggish movements in loan rates. To test this proposition, we estimate corporate liquidity demand, controlling for firm characteristics, using U.S. quarterly panel data. The results indicate that when monetary policy is tightened, S&P 500 firms initially increase their liquid assets before reducing them, whereas non-S&P firms reduce them more quickly.
Anmerkung:
Bibliographic Level Mode of Issuance: Monograph
,
English
Weitere Ausg.:
ISBN 9781451858877
Weitere Ausg.:
ISBN 1451858876
Sprache:
Englisch
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