RDP 2023-09: Does Monetary Policy Affect Non-mining Business Investment in Australia? Evidence from BLADE Appendix C: Additional Microdata Results

Gulnara Nolan, Jonathan Hambur and Philip Vermeulen

December 2023

Figure C1: Investment Response to 100 Basis Point Monetary Policy Shock
Difference relative to large firm
Figure C1: Investment Response to 100 Basis Point Monetary Policy Shock

Notes: Dots represent the point estimates of the differences in impulse responses. Bars represent 90 per cent confidence intervals.

Sources: ABS; Authors' calculations.

Figure C2: Investment Response to 100 Basis Point Monetary Policy Shock
Difference between younger and older firm
Figure C2: Investment Response to 100 Basis Point Monetary Policy Shock

Notes: Dots represent the point estimates of the differences in impulse responses. Bars represent 90 per cent confidence intervals.

Sources: ABS; Authors' calculations.

Figure C3: Investment Response to 100 Basis Point Monetary Policy Shock
Difference between sectors with high and low external finance dependence
Figure C3: Investment Response to 100 Basis Point Monetary Policy Shock

Notes: Dots represent the point estimates of the differences in impulse responses. Bars represent 90 per cent confidence intervals.

Sources: ABS; Authors' calculations.

Figure C4: Investment Response to 100 Basis Point Monetary Policy Shock
Difference between sectors with constrained and unconstrained firms
Figure C4: Investment Response to 100 Basis Point Monetary Policy Shock

Notes: Dots represent the point estimates of the differences in impulse responses. Bars represent 90 per cent confidence intervals.

Sources: ABS; Authors' calculations.

Figure C5: Share of Firms by Investment
Figure C5: Share of Firms by Investment

Sources: ABS; Authors' calculations.

Figure C6: Investment Response to 100 Basis Point Monetary Policy Shock
IV approach, full sample
Figure C6: Investment Response to 100 Basis Point Monetary Policy Shock

Notes: Monetary policy shock is instrumented via cash rate. Lighter shaded areas show 95 per cent confidence interval; darker show 90 per cent confidence interval.

Sources: ABS; Authors' calculations.

Figure C7: Investment Response to 100 Basis Point Monetary Policy Shock
With Hambur and Haque (2023) shock, full sample
Figure C7: Investment Response to 100 Basis Point Monetary Policy Shock

Notes: Monetary policy shock is defined as in Hambur and Haque (2023). Lighter shaded areas show 95 per cent confidence interval; darker show 90 per cent confidence interval.

Sources: ABS; Authors' calculations.

Figure C8: Investment Response to 100 Basis Point Monetary Policy Shock
CAPEX data, extensive margin, by size
Figure C8: Investment Response to 100 Basis Point Monetary Policy Shock

Notes: Non-mining. Lighter shaded areas show 95 per cent confidence interval; darker show 90 per cent confidence interval.

Sources: ABS; Authors' calculations.