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Local policy uncertainty and the firm's investment reaction to monetary policy

dc.contributor.authorAdra, S
dc.contributor.authorGao, Y
dc.contributor.authorYuan, J
dc.date.accessioned2023-12-14T13:45:11Z
dc.date.issued2023-12-02
dc.date.updated2023-12-13T13:10:00Z
dc.description.abstractRising local economic policy uncertainty increases the firm's capital investment sensitivity to monetary shocks. This effect is driven by the tendency of uncertainty-driven precautionary behavior to increase the firm's propensity to reduce investment in response to contractionary monetary shocks. This effect is more pronounced for geographically bound firms that are financially constrained. Our results show how the investment effects of local economic policy uncertainty are entangled with the asymmetries that govern the economic impact of monetary policy.en_GB
dc.identifier.citationVol. 234, article 111473en_GB
dc.identifier.doi10.1016/j.econlet.2023.111473
dc.identifier.urihttp://hdl.handle.net/10871/134796
dc.language.isoenen_GB
dc.publisherElsevieren_GB
dc.rights.embargoreasonUnder embargo until 2 June 2025 in compliance with publisher policyen_GB
dc.rights© 2023 Elsevier B.V. This version is made available under the CC-BY-NC-ND 4.0 license: https://creativecommons.org/licenses/by-nc-nd/4.0/ en_GB
dc.subjectMonetary policyen_GB
dc.subjectCapital investmentsen_GB
dc.subjectLocal economic policy uncertaintyen_GB
dc.titleLocal policy uncertainty and the firm's investment reaction to monetary policyen_GB
dc.typeArticleen_GB
dc.date.available2023-12-14T13:45:11Z
dc.identifier.issn0165-1765
exeter.article-number111473
dc.descriptionThis is the author accepted manuscript. The final version is available from Elsevier via the DOI in this recorden_GB
dc.descriptionData availability: The data that has been used is confidential.en_GB
dc.identifier.journalEconomics Lettersen_GB
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/ en_GB
dcterms.dateAccepted2023-11-29
rioxxterms.versionAMen_GB
rioxxterms.licenseref.startdate2023-12-02
rioxxterms.typeJournal Article/Reviewen_GB
refterms.dateFCD2023-12-14T13:38:35Z
refterms.versionFCDAM
refterms.panelCen_GB


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© 2023 Elsevier B.V. This version is made available under the CC-BY-NC-ND 4.0 license: https://creativecommons.org/licenses/by-nc-nd/4.0/ 
Except where otherwise noted, this item's licence is described as © 2023 Elsevier B.V. This version is made available under the CC-BY-NC-ND 4.0 license: https://creativecommons.org/licenses/by-nc-nd/4.0/