Loose monetary policy and firm uncertainty

Chong-Chuo Chang () and Kuen-Shiou Yang ()
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Chong-Chuo Chang: National Chi Nan University
Kuen-Shiou Yang: Dharma Drum Institute of Liberal Arts

SN Business & Economics, 2021, vol. 1, issue 3, 1-27

Abstract: Abstract The central banks of several countries have adopted loose monetary policies to boost their economies during periods of financial crisis. The positive and negative impacts of these policies warrant investigation. We select firms from various countries as samples for an empirical study covering a 26-year period from 1985 to 2015; the countries include the United States, Japan, the United Kingdom, and various Eurozone members (i.e., Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain). The results indicate that the adoption of loose monetary policies mitigated firms’ short-term future uncertainty in the United States, Japan, and the Eurozone countries but increased such uncertainty in the United Kingdom.

Keywords: Firm uncertainty; Monetary policy; Quantitative easing; Outright monetary transactions (search for similar items in EconPapers)
JEL-codes: E5 E52 G33 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s43546-021-00040-1

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