{"id":5803,"date":"2023-03-03T14:03:43","date_gmt":"2023-03-03T14:03:43","guid":{"rendered":"https:\/\/aaep.org.ar\/?p=5803"},"modified":"2023-05-12T00:15:41","modified_gmt":"2023-05-12T00:15:41","slug":"stock-market-responses-to-monetary-policy-shocks-universal-firm-level-evidence","status":"publish","type":"post","link":"https:\/\/aaep.org.ar\/?p=5803","title":{"rendered":"Stock Market Responses to Monetary Policy Shocks: Universal Firm-Level Evidence"},"content":{"rendered":"<iframe loading=\"lazy\" class=\"wonderplugin-pdf-iframe\" src=\"https:\/\/aaep.org.ar\/wp-content\/plugins\/wonderplugin-pdf-embed\/pdfjslight\/web\/viewer.html?v=2&file=https:\/\/aaep.org.ar\/works\/works2022\/4571.pdf\" width=\"100%\" height=\"600px\" style=\"border:0;\"><\/iframe>\n","protected":false},"excerpt":{"rendered":"<p>Using a universal 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 our results are driven by the third quartile of firms in terms of their leverage. Finally, our results are robust to the use of different measures of monetary policy shocks.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[29],"tags":[30],"class_list":["post-5803","post","type-post","status-publish","format-standard","hentry","category-anales","tag-aaep-anales-2022"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Stock Market Responses to Monetary Policy Shocks: Universal Firm-Level Evidence - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stock Market Responses to Monetary Policy Shocks: Universal Firm-Level Evidence - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\" \/>\n<meta property=\"og:description\" content=\"Using a universal 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 our results are driven by the third quartile of firms in terms of their leverage. 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