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BEGIN:VEVENT
UID:87831c700671033a4f4bc11d307604ee
DTSTAMP:20240430T012018Z
SUMMARY:Dr. Thomas Winberry\, Chicago Booth
DESCRIPTION: \n\nDr. Winberry will present “Financial Heterogeneity and t
 he\ninvestment Channel of Monetary Policy”\n\nAbstract We study the role
  of heterogeneity in firms’ financial\npositions in determining the inve
 stment channel of monetary policy.\nEmpirically\, we show that firms with 
 low leverage or high credit\nratings are the most responsive to monetary p
 olicy shocks. We develop\na heterogeneous firm New Keynesian model with de
 fault risk to\ninterpret these facts and study their aggregate implication
 s. In the\nmodel\, firms with high default risk are less responsive to mon
 etary\nshocks because their marginal cost of external finance is high. The
 \naggregate effect of monetary policy therefore depends on the\ndistributi
 on of default risk across firms.\n\nhttps://na01.safelinks.protection.outl
 ook.com/?url=http%3A%2F%2Ffaculty.chicagobooth.edu%2Fthomas.winberry%2Fres
 earch%2Fottonello_winberry_monetary.pdf&data=02%7C01%7Cmms25%40drexel.edu%
 7C5482292fa4c74cead81208d5786a9262%7C3664e6fa47bd45a696708c4f080f8ca6%7C0%
 7C1%7C636547321478882291&sdata=WEV4i6LxrcUaz%2BaQqlIetamge7cUYYgJ3OA1JbMeg
 OU%3D&reserved=0\n 
DTSTART:20180316T180000Z
DTEND:20180316T193000Z
LOCATION:https://na01.safelinks.protection.outlook.com/?url=http%3A%2F%2Ffa
 culty.chicagobooth.edu%2Fthomas.winberry%2Fresearch%2Fottonello_winberry_m
 onetary.pdf&data=02%7C01%7Cmms25%40drexel.edu%7C5482292fa4c74cead81208d578
 6a9262%7C3664e6fa47bd45a696708c4f080f8ca6%7C0%7C1%7C636547321478882291&sda
 ta=WEV4i6LxrcUaz%2BaQqlIetamge7cUYYgJ3OA1JbMegOU%3D&reserved=0
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