Subject. The article addresses the transmission mechanisms of the U.S. monetary policy. Objectives. Our aim is to evaluate the transmission mechanisms of the U.S. monetary policy. Methods. The paper analyzes how the investment activities of 3,983 companies of the eight non-financial industries (mining, construction, manufacturing, transportation, information sector, trade, and agriculture) of 23 emerging economies respond to the monetary policy decisions for 2010–2017. Results. Investment activities of companies are influenced by monetary policy decisions through the transmission mechanism of financial markets. We found that American companies are more exposed to the monetary policy decisions than other emerging market companies, while Asian companies are indifferent to them. We confirm that capital-intensive and large companies, as well as debt-laden companies are more sensitive to monetary policy decisions. We also confirm that companies at different stages of their development react differently to the said decisions. The article can be valuable for the scientific community as part of the study of issues related to emerging market and monetary policy implications, for representatives of investment community, considering the potential investments in the assets of emerging countries, and for monetary authorities, responsible for the consistent monetary policy and its effects on the real economy, while constructing better models of monetary policy transmission. Conclusions. We show that companies of EMEA, Asia and America macro-regions and firms from different industries react differently to the monetary policy changes.
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