The narrative approach for the identification of monetary policy shocks in a small open economy
In: Bank of Greece Working Paper No. 55
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In: Bank of Greece Working Paper No. 55
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In: Bank of Greece Working Paper No. 27
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In: Economica, Band 76, Heft 304, S. 675-703
ISSN: 1468-0335
This paper examines the cash flow sensitivity of investment using a panel of UK manufacturing firms to investigate the existence of a balance sheet channel. In addition to examining the impact of cash flow in different subsamples based on company size or financial policy, we investigate the extent to which investment becomes more sensitive to cash flow in periods of monetary tightness by employing a narrative indicator constructed for the United Kingdom. The results indicate that cash flow sensitivity in financially constrained firms is higher during periods of tight monetary policy and that financial constraints weaken with financial market sophistication.
In: Bank of Greece Working Paper No. 53
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In: ECB Working Paper No. 1541
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Working paper
In: Bank of Greece Working Paper No. 147
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