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CESifo Economic Studies Advance Access originally published online on February 23, 2006
CESifo Economic Studies 2006 52(1):177-213; doi:10.1093/cesifo/ifj006
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© The Author 2006. Published by Oxford University Press on behalf of Ifo Institute for Economic Research, Munich. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org

Monetary Policy, Corporate Financial Composition and Real Activity

Paul Mizen and Cihan Yalcin*

This article addresses two fundamental questions about monetary policy, credit conditions and corporate activity. First, can we relate differences in the composition of debt between tight and loose periods of monetary policy to firm characteristics like size, age, indebtedness or risk? Second, do differences in companies’ financial compositions matter for real activity of firms such as inventory and employment growth? The article offers some evidence from firms in the UK manufacturing sector which suggests that the composition of debt differs considerably with characteristics such as size, age, debt and risk, it also shows a significant effect from financial composition and cash flow to inventory and employment growth. (JEL codes: E32, E44, E51)


* Centre for Modelling Credit Markets (formerly ExCEM), University of Nottingham, University Park, Nottingham NG7 2RD, UK. Paul Mizen: Centre for Modelling Credit Markets, School of Economics, University of Nottingham, Nottingham NG7 2RD, UK, e-mail: Paul.mizen{at}nottingham.ac.uk.Cihan Yalcin: Centre for Modelling Credit Markets and Research Department, Central Bank of Turkey, Ankara, Turkey.

We thank Roel Beetsma, Spiros Bougheas, Alessandra Guariglia, Simona Mateut, Phil Molyneux, Philip Vermeulen and two anonymous referees for helpful comments on this version and earlier drafts. The remaining errors are our responsibility.


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