Monetary policy uncertainty and corporate financial policies: evidence from U.S. public firms
This study examines how monetary policy uncertainty (MPU) affects corporate cash holdings, short-term credit financing, and dividend payout ratios using a quarterly panel of S&P 500 firms from 2008 to 2023. Four MPU measures are employed — market-based, news-based, orthogonalized monetary policy surprises, and FOMC Dis...