欧洲央行-货币政策的成本渠道：来自欧元区企业层面调查数据的证据（英）

Working Paper Series The cost channel of monetary policy: evidence from euro area firm-level survey data Ugo Albertazzi, Annalisa Ferrando, Sofia Gori, Judit Rariga Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. No 3097 Challenges for Monetary Policy Transmission in a Changing World Network (ChaMP) This paper contains research conducted within the network “Challenges for Monetary Policy Transmission in a Changing World Network” (ChaMP). It consists of economists from the European Central Bank (ECB) and the national central banks (NCBs) of the European System of Central Banks (ESCB). ChaMP is coordinated by a team chaired by Philipp Hartmann (ECB), and consisting of Diana Bonfim (Banco de Portugal), Margherita Bottero (Banca d’Italia), Emmanuel Dhyne (Nationale Bank van België/Banque Nationale de Belgique) and Maria T. Valderrama (Oesterreichische Nationalbank), who are supported by Melina Papoutsi and Gonzalo Paz-Pardo (both ECB), 7 central bank advisers and 8 academic consultants. ChaMP seeks to revisit our knowledge of monetary transmission channels in the euro area in the context of unprecedented shocks, multiple ongoing structural changes and the extension of the monetary policy toolkit over the last decade and a half as well as the recent steep inflation wave and its reversal. More information is provided on its website. ECB Working Paper Series No 30971AbstractThis paper explores empirically the cost channel of monetary policy transmission duringthe recent period of monetary policy tightening in the euro area. We combine unique dataon firms’ selling price expectation from the Survey on the access to finance of enterprises(SAFE), information on firms’ borrowing from the euro area-wide credit register (AnaCredit)and ECB monetary policy surprises. Firms revise upwards their one-year-ahead sellingprice expectations following monetary announcements in a tightening cycle and this effectincreases in firms’ working capital exposure. The paper provides supportive evidence onthe existence of a cost channel of monetary policy, adding to our understanding of monetarypolicy transmission to firms in the euro area.JEL: G30; E52; D84.Keywords: Firm financing; Monetary policy; Selling price expectations.ECB Working Paper Series No 30972Non-technical summaryThe paper investigates how firms adjust their pricing strategies in response to changes inmonetary policy, specifically during a period of monetary policy tightening in the euro area.Traditionally, monetary policy impacts demand, with rate hikes reducing demand andprices. However, this study provides supportive evidence for the cost channel of monetarypolicy, which affects the supply side by increasing firms’ borrowing costs due to their workingcapital requirements. When interest rates rise, firms with significant working capital needsmay face higher