Department of Economics and Business - Universitat Pompeu Fabra

Title:: Q-Monetary Transmission
Authors:: Priit Jeenas and Ricardo Lagos
Date:: May 2022
Abstract:: We study the effects of monetary-policy-induced changes in Tobin's q on corporate investment and capital structure. We develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the evidence, and quantify the relevance for monetary transmission to aggregate investment.
Keywords:: Monetary transmission, stock prices, Tobin's q, investment, capital structure
JEL codes:: D83, E22, E44, E52, G12, G31, G32
Area of Research:: Macroeconomics and International Economics

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