古诺竞争
货币政策
边际成本
货币经济学
市场支配力
竞赛(生物学)
经济
利用
休克(循环)
产业组织
业务
微观经济学
医学
生态学
内科学
计算机安全
计算机科学
生物
垄断
作者
Annalisa Ferrando,Peter McAdam,Filippos Petroulakis,Xavier Vives
出处
期刊:AEA papers and proceedings
[American Economic Association]
日期:2023-05-01
卷期号:113: 105-109
被引量:3
标识
DOI:10.1257/pandp.20231006
摘要
Monetary policy aims to affect corporate borrowing by influencing the marginal costs of firms, but its potency can be conditioned by the degree of market competition. We first identify conditions under which changes in marginal costs have different effects on credit constraints and output under different competitive environments, in a simple Cournot competition setting. We then exploit a monetary policy easing shock in the euro area to examine whether policy pass-through is conditioned by market structure. We show that small firms within less concentrated sectors experienced a larger reduction in credit constraints than similar firms in more concentrated sectors.
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