| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28685 |
| 来源ID | Working Paper 28685 |
| Risk-Taking and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms | |
| Cecilia R. Caglio; R. Matthew Darst; Ṣebnem Kalemli-Özcan | |
| 发表日期 | 2021-04-19 |
| 出版年 | 2021 |
| 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 ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w28685 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586357 |
| 推荐引用方式 GB/T 7714 | Cecilia R. Caglio,R. Matthew Darst,Ṣebnem Kalemli-Özcan. Risk-Taking and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28685.pdf（827KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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