文章基本信息

标题：Monetary policy, product market competition and growth
本地全文：下载
作者：Phillipe Aghion ; Emmanuel Farhi ; Enisse Kharroubi 等
期刊名称：CEP Discussion Paper
出版年度：2018
卷号：2018
语种：English
出版社：Centre for Economic Performance
摘要：In this paper we argue that monetary easing fosters growth more in more credit-constrained environments, and the more so the higher the degree of product market competition. Indeed when competition is low, large rents allow firms to stay on the market and reinvest optimally, no matter how funding conditions change with aggregate conditions. To test this prediction, we use industry-level and firm-level data from the Euro Area to look at the effects on sectoral growth and firm-level growth of the unexpected drop in long-term government bond yields following the announcement of the Outright Monetary Transactions program (OMT) by the ECB. We find that the monetary policy easing induced by OMT, contributed to raising sectoral (firm-level) growth more in more highly leveraged sectors (firms), and the more so the higher the degree of product market competition in the country (sector).
关键词：growth;financial conditions;firm leverage;competition