理论论文

ABSTRACT This paper provides novel empirical evidence that cash‐rich firms have higher equity payouts and higher stock prices in response to expansionary monetary policy surprises. Stock prices rise despite weak cash‐flow, investment, and credit responses to monetary policy. I rationalize the empirical evidence in a heterogeneous‐firm New Keynesian model where firms finance investment with cash and equity issuance. Monetary easing weakens precautionary cash demand, leading cash‐rich firms to optimally allocate excess funds to shareholders. Since payouts are procyclical, cash‐rich firms earn higher returns in expansionary periods. My findings highlight a payout channel through which monetary policy impacts asset prices.

ABSTRACT We study the role of asset revaluation in the monetary transmission mechanism. We build an analytical heterogeneous‐agents model with two main ingredients: (i) rare disasters and (ii) heterogeneous beliefs. The model captures time‐varying risk premia and precautionary savings in a setting that nests the textbook New Keynesian model. The model generates large movements in asset prices after a monetary shock but these movements can be neutral on real variables. Real effects depend on the redistribution among agents with heterogeneous precautionary motives. In quantitative analysis, we find that this channel can account for a large fraction of the transmission to aggregate consumption.