Corporate Finance and the Monetary Transmission Mechanism
نویسندگان
چکیده
منابع مشابه
Corporate Finance and the Monetary Transmission Mechanism
We analyze the transmission effects of monetary policy in a general equilibrium model of the financial sector, with bank lending and securities markets. Bank lending is constrained by capital adequacy requirements, and asymmetric information adds a cost to outside bank equity capital. In our model, monetary policy does not affect bank lending through changes in bank liquidity; rather, it operat...
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he purpose of this paper is to present a simple framework for analyzing the monetary transmission mechanism: the process through which monetary policy decisions are transmitted into changes in real GDP and inflation. There are, of course, many different views of the monetary transmission mechanism. These views differ in the emphasis they place on money, credit, interest rates, exchange rates, a...
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Using a difference-in-differences approach around executive transitions, we examine whether men and women differ in corporate financial decisions. We find that companies with female CFOs make fewer acquisitions, and acquisitions made by female CFO firms have announcement returns approximately 2% higher than those made by male CFO firms. This evidence suggests greater scrutiny in deal-making by ...
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This essay in celebration of Grossman and Hart (1986) (GH) discusses how the introduction of incomplete contracts has fundamentally changed economists’perspectives on corporate finance and control. Before GH, the dominant theory in corporate finance was the tradeoff theory pitting the tax advantages of debt (relative to equity) against bankruptcy costs. After GH, this theory has been enriched b...
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The monetary policy transmission mechanism is complex and our understanding of it imperfect. The Bank of Canada’s mainstream paradigm is quite explicit and well known and consists of three major sets of linkages. The first is from the instrument, the target band for the overnight (or oneday) interest rate,2 to other financial variables: the term structure of market interest rates, rates on depo...
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ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 2006
ISSN: 0893-9454,1465-7368
DOI: 10.1093/rfs/hhl002