Corporate Finance and Monetary Policy
构建了一个一般均衡模型，研究企业家如何利用商业信用、银行资产或货币为随机投资机会融资，并分析名义利率向实际贷款利率的传导机制，发现银行议价能力等因素影响传导效果。
We develop a general equilibrium model where entrepreneurs finance random investment opportunities using trade credit, bank-issued assets, or currency. They search for bank funding in over-the-counter markets where loan sizes, interest rates, and down payments are negotiated bilaterally. The theory generates pass-through from nominal interest rates to real lending rates depending on market microstructure, policy, and firm characteristics. Higher banks' bargaining power, for example, raises pass-through but weakens transmission to investment. Interest rate spreads arise from liquidity, regulatory, and intermediation premia and depend on policy described as money growth or open market operations.