Document Type
Article
Source of Publication
Journal of Macroeconomics
Publication Date
3-1-2025
Abstract
Using a firm-level data set for the U.S., we investigate the stock price responses to unanticipated and unconventional monetary policy shocks. Our results show that indebtedness/leverage is more important than size or age in explaining the cross-firm variation in responses to monetary policy. We also show that the magnitude of the indebtedness is important while the debt structure is not, and the third quartile of firms drives our results. We assess the robustness of our empirical findings across several dimensions.
DOI Link
ISSN
Volume
83
Disciplines
Business
Keywords
Debt, Firms, Monetary policy
Scopus ID
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.
Recommended Citation
Arin, K. Peren; Kaplan, Samuel; Polyzos, Efstathios; and Spagnolo, Nicola, "Stock market responses to monetary policy shocks: Firm-level evidence" (2025). All Works. 6927.
https://zuscholars.zu.ac.ae/works/6927
Indexed in Scopus
yes
Open Access
yes
Open Access Type
Hybrid: This publication is openly available in a subscription-based journal/series