Hidden Bibliographic Details
| Other authors / contributors: | Kim, Yungsan.
International Monetary Fund.
IMF Institute.
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| ISBN: | 1451904231
9781451904239
1462358934
9781462358939
1452782474
9781452782478
1282108603
9781282108608
9786613801951
661380195X
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| Notes: | Includes bibliographical references (pages 37-40).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | In contrast to conventional money demand literature, this paper proposes that monetary policy affects corporate liquidity demand directly through a separate channel-what we call "the loan commitment channel." Upon persistent monetary policy shocks, firms make substitutions between sources of funds for intertemporal liquidity management, taking advantage of loan commitments and sluggish movements in loan rates. To test this proposition, we estimate corporate liquidity demand, controlling for firm characteristics, using U.S. quarterly panel data. The results indicate that when monetary policy is tightened, S & P 500 firms initially increase their liquid assets before reducing them, whereas non-S & P firms reduce them more quickly
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| Other form: | Print version: Choi, Woon Gyu, 1960- Monetary policy and corporate liquid asset demand. [Washington, D.C.] : International Monetary Fund, IMF Institute, ©2001
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| Standard no.: | 10.5089/9781451904239.001
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