Apart from the ‘textbook channels’ of monetary policy transmission via interest rates and exchange rates, monetary policy can potentially affect firm activities through its impact on firms’ and banks’ balance sheets. In a seminal study on this balance sheet channel, Bernanke and Gertler (1989) showed theoretically that negative shocks to borrowers’ net worth increase the agency costs of financing investment, and thus reduce investment. Following their theoretical model, Bernanke et al. (1996, 1999) further showed that monetary tightening leads to a decrease in borrowers’ net worth, and consequently reduces borrowing and investment. They also show that an economic downturn has a greater effect on the availability of credit, investment, and output for firms with lower net worth. This implies that the impact of an aggregate shock on firms differs depending on firms’ net worth.
Então, o que os autores encontram? Descubra lá no texto! Agora, cá para nós, não é fascinante como aquelas coisas que Milton Friedman (e outros) falava(m) (“gente, é importante entender o mecanismo de transmissão da política monetária”…) continua sendo uma fonte inegostável para que possamos entender melhor a realidade?