| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14659 |
| DP14659 The Bond Lending Channel of Monetary Policy | |
| Olivier Darmouni; Alexander Rodnyansky | |
| 发表日期 | 2020-04-24 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The share of firms’ borrowing from bond markets has been rising globally, and notably in the Eurozone. How does debt structure affect the transmission of monetary policy? We present a high-frequency framework that combines identified monetary shocks with a cross-sectional firm-level stock price reaction. Firms with more bonds are disproportionately affected by surprise monetary actions relative to other firms in the Eurozone. This finding stands in contrast to the predictions of a standard bank lending channel and points toward bond financing not being a frictionless "spare tire." |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Corporate bonds Banking relationships Corporate finance Financial distress |
| URL | https://cepr.org/publications/dp14659 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543573 |
| 推荐引用方式 GB/T 7714 | Olivier Darmouni,Alexander Rodnyansky. DP14659 The Bond Lending Channel of Monetary Policy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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