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1 results

  • Is the working capital channel of the monetary policy quantitatively relevant? A structural estimation approach

  • Hamilton Galindo Gil
  • Journal:
    Macroeconomic Dynamics / Volume 29 / 2025
    Published online by Cambridge University Press:
    31 May 2024, e20
    • Article
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  • Is the working capital channel big, and does it vary across industries? To answer this question, I estimate a dynamic stochastic macro-finance model using firm-level data. In aggregate, I find a partial channel —about three-fourths of firms’ labor bill are borrowed. However, the strength of this channel varies across industries, reaching as low as one-half for retail firms and as high as one for agriculture and construction. This provides evidence that monetary policy could have varying effects across industries through the working capital channel.