纽约联储：美国货币政策对外国公司的影响（2022）（英文版）（52页）.pdf

1、 The Impact of U.S.Monetary Policy on Foreign Firms Julian di Giovanni|John Rogers NO.1039 NOVEMBER 2022 The Impact of U.S.Monetary Policy on Foreign Firms Julian di Giovanni and John Rogers Federal Reserve Bank of New York Staff Reports,no.1039 November 2022 JEL classification:E52,F40 Abstract This

2、 paper uses cross-country firm-level data to explore the impact of U.S.monetary policy shocks on firms sales,investment,and employment.We estimate a sizable impact of U.S.monetary policy on the average foreign firm,while controlling for other macroeconomic and financial variables like the VIX and ex

3、change rate fluctuations that accompany U.S.monetary policy changes.We then quantify the role of international trade exposure and financial constraints in transmitting monetary policy shocks to firms,allowing for a better identification of the importance of external demand effects and the interest r

4、ate channel.We first exploit cross-country sector-level data on intermediate and final goods trade to show that greater global production linkages amplify the impact of U.S.monetary policy at the firm level.We then show that the impact varies along the firm-level distribution of proxies for firms fi

5、nancial constraints(for example,size and net worth),with the impact being significantly attenuated for less constrained firms.Key words:U.S.monetary policy spillovers,foreign firms,international production linkages,financial constraints _ Giovanni:Federal Reserve Bank of New York(email:julian.digiov

6、anniny.frb.org).Rogers:Fudan University(email:).The authors thank Wenchuan Dong,Neel Lahiri,and Yijing Ren for providing excellent research assistance.This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elici