期刊
JAPAN AND THE WORLD ECONOMY
卷 17, 期 3, 页码 345-369出版社
ELSEVIER
DOI: 10.1016/j.japwor.2004.03.004
关键词
investment; monetary transmission channels; user cost of capital
类别
This paper investigates what can be learned about the effects of monetary policy on firm investment after the collapse of the asset price bubble in Japan. By estimating firm investment functions based on corporate panel data, the paper reveals that the monetary easing worked through the interest rate channel, but its effect through the credit channel was blocked because of a deterioration in balance-sheet conditions. The paper finds that this deterioration in balance-sheet conditions, especially in bank balance-sheet conditions, hampered investment by smaller non-bond-issuing firms more severely than that by larger bond-issuing firms. (c) 2004 Elsevier B.V. All rights reserved.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据