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Annual Conference

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Accounting

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May 2022

The Income Statement Channel of Monetary Policy

Peter JOOS, Oliver BINZ, Matthew KUBIC
We study the dynamic transmission of monetary policy shocks into corporate profitability. We find an initial negative association between monetary policy shocks and corporate revenues and expenses. The revenue response is consistent with a consumer substitution effect, while the expense response is ...
Keywords: Monetary Policy, Consumption, Investment, Revenues, Expenses, Earnings
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