Monetary Policy and Asset Prices with Imperfect Credit Markets
假设企业外部融资受限于抵押品数量，在此环境下分析货币当局是否应关注资产价格，对研究货币政策与金融稳定的学者有参考价值。
The Modigliani-Miller theorem is fundamental to the theory of corporate finance. One of the theorem's immediate implications is that there is no reason for the monetary authority to respond to asset prices. This article posits a world in which the Modigliani-Miller theorem does not hold. The authors assume that the amount of an entrepreneur's external financing is limited by the amount of collateral she holds. They examine the implications for the monetary authority in such an environment.