Stock Market Responses to Monetary Policy Shocks: Universal Firm-Level Evidence ∗

Monetary transmission to firm-level research and development

Whither Liquidity Shocks? Implications for R ∗ and Monetary Policy

Reassessing Proxy-based Identification of Multiple Monetary Policy Shocks for the Euro Area, the US, and the UK

Heterogeneous Markups Cyclicality and Monetary Policy

This paper studies aggregate markup cyclicality through firm‐level heterogeneity, reallocation, and aggregation. Using the U.S. firm data for 1990–2016, we find that markups are procyclical for young firms and countercyclical for older firms following monetary policy shocks. Economic activity also reallocates modestl...

TRABAJO The origins of monetary policy disagreement: the role of supply and demand shocks

The Investment Channel of Monetary Policy: Disentangling Firm Heterogeneity

To study monetary policy transmission at the firm level, researchers typically consider heterogeneity along a small number of firm characteristics, such as size or leverage. We instead estimate the full distribution of firms’ investment responses to monetary policy, using a clustering regression framework. Our novel ap...