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Monetary policy, credit constraints and SME employment / by Julien Champagne and Émilien Gouin-Bonenfant.: FB3-5/2022-49E-PDF

"Do financial constraints amplify or dampen the transmission of monetary policy to the real economy? To answer this question, we propose a simple empirical strategy that combines (i) firm-level employment and balance sheet data, (ii) identified monetary policy shocks and (iii) survey data on financing activities. The key novelty of our approach is a new proxy for the likelihood of being credit constrained, which is constructed using survey data on realized outcomes of financing requests"--Abstract.

Permanent link to this Catalogue record:
publications.gc.ca/pub?id=9.919011&sl=0

Publication information
Department/Agency
  • Bank of Canada, issuing body.
TitleMonetary policy, credit constraints and SME employment / by Julien Champagne and Émilien Gouin-Bonenfant.
Series title
  • Staff working paper = Document de travail du personnel, 1701-9397 ; 2022-49
Publication typeMonograph - View Master Record
Language[English]
FormatDigital text
Electronic document
Note(s)
  • "Last updated: December 9, 2022."
  • Includes bibliographical references (pages 34-36).
  • Includes abstract in French.
Publishing information
  • [Ottawa] : Bank of Canada = Banque du Canada, 2022.
  • ©2022
Author / Contributor
  • Champagne, Julien, author.
Description1 online resource (ii, 42 pages) : charts.
Catalogue number
  • FB3-5/2022-49E-PDF
Subject terms
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