Current Economic Policy Uncertainty (EPU) indicators are highly correlated with macroeconomic growth. To better reveal the EPU perceived by each firm, a firm-level EPU index is constructed using a text mining method. Using data of Chinese A-share listed companies from 2011 to 2020, this study...

This paper constructs an index of firm’s perception of economic policy uncertainty (FEPU) with text-mining method and investigates its impact on cash holdings. With a sample of Chinese listed firms from 2012 to 2020, our empirical results show that firms tend to hold less cash when they...

Over the past few decades, globalization has brought the world closer together. While foreign demand shocks deeply influence a country's economy, they also have additional impacts on the environment. In this paper, we exploit firm-level panel data from China ranging from 2000 to 2014 to...

This paper evaluates the effects of forward guidance and large-scale asset purchases (LSAP) when the nominal interest rate reaches the zero lower bound. I investigate the effects of the two policies in a dynamic new Keynesian model with financial frictions adapted from Gertler & Karadi (2011,...