Journal of Political Economy Vol. 132 No. 3 2024

Q-Monetary Transmission

Priit Jeenas^1,2; Ricardo Lagos³

¹ Universitat Pompeu Fabra · ² Centre de Recerca en Economia Internacional · ³ New York University

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.

DOI

10.1086/726904

Volume

132

Issue

3

Pages

971-1012

Language

en

Sources

bibtex:phds-export.bib openalex crossref

Cite

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