Q-Monetary Transmission

Priit Jeenas and Ricardo Lagos

Journal of Political Economy, 2024, vol. 132, issue 3, 971 - 1012

Abstract: We study the effects of monetary policy–induced changes in Tobin’s q on corporate investment and capital structure. We develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the evidence, and quantify the relevance for monetary transmission to aggregate investment.

Date: 2024
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Working Paper: Q-Monetary Transmission (2022)
Working Paper: Q-Monetary Transmission (2022)
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