| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17175 |
| DP17175 Risk-Taking and Monetary Policy Transmission: Evidence from loans to SMEs and large firms | |
| Sebnem Kalemli-Ozcan | |
| 发表日期 | 2022-04-03 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Using administrative firm-bank-loan level data, we document new facts about the U.S. credit market and monetary policy transmission. Private firms that are mostly small-medium-size-enterprises (SMEs) borrow from banks and use their enterprise’s continuation value as collateral. Relative to large publicly listed firms, monetary expansions increase highly levered SMEs’ demand for credit and their borrowing capacity because their continuation values rise and their ability to repay debt improves. Our results imply that the effectiveness of monetary policy depends on both the firm-size distribution and the type of collateral pledged. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp17175 |
| 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/546168 |
| 推荐引用方式 GB/T 7714 | Sebnem Kalemli-Ozcan. DP17175 Risk-Taking and Monetary Policy Transmission: Evidence from loans to SMEs and large firms. 2022. |
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