Is there a bank lending channel for monetary policy
利用美国制造业数据，研究货币政策是否通过银行借贷渠道影响企业债务结构，发现小企业和大企业的债务组合对货币政策反应无显著差异，不支持银行借贷渠道的存在。
Using data for the U.S. manufacturing sector, we investigate the existence of a credit channel for monetary policy that operates through bank lending. Our test is based on the behavior of the mix of bank and nonbank debt after a shift in monetary policy. We allow for a differential response to monetary policy of the debt mix for small firms and large firms, and we account for movements in all major types of nonbank debt (including trade credit and long-term debt). In contrast to earlier work, we find no support for a bank lending channel.