Leverage, monetary policy, and firm investment
研究了货币政策是否通过杠杆影响企业投资，发现货币紧缩对高杠杆企业的投资增长抑制更大，表明信贷渠道可通过杠杆发挥作用。
In this paper, I investigate whether the effects of monetary policy on firm investment can be transmitted through leverage. I find that monetary contractions reduce the growth of investment more for highly leveraged firms than for less leveraged firms. The results suggest that the board credit channel for monetary policy exists, and that it can operate through leverage, as adverse monetary shocks aggravate real debt burdens and raise the effective costs of investment.