Financial Constraints and the Response of Business Investment to Monetary Policy Shocks

1. Almeida, Heitor, and Murillo Campello (2006). “Financing Constraints, Asset Tangibility, and Corporate Investment.” National Bureau of Economic Research, Working Paper 12087Search in Google Scholar

2. Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. The Journal of Finance, 59(4), 1777-1804.10.1111/j.1540-6261.2004.00679.xSearch in Google Scholar

3. Alti, A. (2003). How sensitive is investment to cash flow when financing is frictionless?. The Journal of Finance, 58(2), 707-722.10.1111/1540-6261.00542Search in Google Scholar

4. Bernanke, B. S., & Blinder, A. S. (1992). The federal funds rate and the channels of monetary transmission. The American Economic Review, 901-921.Search in Google Scholar

5. Bernanke, B. S., & Gertler, M. (1995). Inside the Black Box: The Credit Channel of Monetary Policy. The Journal of Economic Perspectives, 9(4), 27-48.10.1257/jep.9.4.27Search in Google Scholar

6. Blinder, A. S., & Maccini, L. J. (1991). Taking stock: a critical assessment of recent research on inventories. The journal of economic perspectives, 5(1), 73-96.10.1257/jep.5.1.73Search in Google Scholar

7. Campello, Murillo, and Long Chen. “Are financial constraints priced? Evidence from firm fundamentals and stock returns.” Journal of Money, Credit and Banking 42.6 (2010): 1185-1198.10.1111/j.1538-4616.2010.00326.xSearch in Google Scholar

8. Chirinko, R. S. (1993). Business fixed investment spending: Modeling strategies, empirical results, and policy implications. Journal of Economic literature, 31(4), 1875-1911.Search in Google Scholar

9. Christiano, L. J., Eichenbaum, M., & Evans, C. (1996). The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds. The Review of Economics and Statistics, 78(1), 16-34.10.2307/2109845Search in Google Scholar

10. Cleary, S. (1999). The relationship between firm investment and financial status. The Journal of Finance, 54(2), 673-692.10.1111/0022-1082.00121Search in Google Scholar

11. Ehrmann, M., & Fratzscher, M. (2004). Taking stock: Monetary policy transmission to equity markets.10.2139/ssrn.533023Search in Google Scholar

12. Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988). Financing constraints and corporate investment. Brookings papers on economic activity, 1988(1), 141-206.10.2307/2534426Search in Google Scholar

13. Fazzari, S. M., & Petersen, B. C. (1993). Working capital and fixed investment: new evidence on financing constraints. The RAND Journal of Economics, 328-342.10.2307/2555961Search in Google Scholar

14. Friedman, M., & Schwartz, A. J. (1963). Money and Business Cycles. The Review of Economics and Statistics, 45(1 Part 2), 32-64.10.2307/1927148Search in Google Scholar

15. Gertler, M., & Gilchrist, S. (1994). Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms. Quarterly Journal of Economics, 109(2), 309-340.10.2307/2118465Search in Google Scholar

16. Hodrick, R. J., & Prescott, E. C. (1997). Postwar US business cycles: an empirical investigation. Journal of Money, credit, and Banking, 1-16.10.2307/2953682Search in Google Scholar

17. Kaplan, S. N., & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints? The Quarterly Journal of Economics, 169-215.10.1162/003355397555163Search in Google Scholar

18. Kashyap, A. K., Stein, J. C., & Lamont, O. (1994). Credit Conditions and the Cyclical Behavior of lnventories. The Quarterly Journal of Economics 109 (1994), 565-592Search in Google Scholar

19. Oliner, S. D., & Rudebusch, G. D. (1996). Monetary policy and credit conditions: evidence from the composition of external finance: comment. The American Economic Review, 86(1), 300-309.Search in Google Scholar

20. Romer, Christina D., and David H. Romer. “Does monetary policy matter? A new test in the spirit of Friedman and Schwartz.” NBER Macroeconomics Annual 1989, Volume 4. MIT Press, 1989. 121-184.10.1086/654103Search in Google Scholar

21. Romer, C. D., & Romer, D. H. (2004). A New Measure of Monetary Shocks: Derivation and Implications. American Economic Review 94 (4), 1055-1084.10.1257/0002828042002651Search in Google Scholar

22. Sims, C. A. (1972). Money, income, and causality. The American economic review, 62(4), 540-552.Search in Google Scholar

23. Winter, J. (1998) Does Firms’ Financial Status Affect Plant-Level Investment and Exit Decision. University of Mannheim10.1007/978-3-642-99803-4_4Search in Google Scholar