Financing of Firms, Labor Reallocation, and the Distributional Role of Monetary Policy*
构建了一个包含融资约束异质性企业的模型，发现扩张性货币政策会增加受约束企业的相对就业，而正向生产率冲击则相反；若受约束企业生产率较低，扩张性政策会将资源导向低生产率企业，削弱政策对总产出的刺激效果。
Abstract We analyze monetary policy in a model with heterogeneous firms, where constrained firms finance operations through external financing and unconstrained firms use internal funds. We show that expansionary monetary policy increases the relative employment of constrained firms, while positive productivity shocks increase that of unconstrained firms. Our results agree with recent empirical findings, emphasizing the role of the monetary authority in reallocating resources across sectors with different financing capabilities. We also show that if the relative productivity of constrained firms is low, then expansionary monetary policy tilts resources towards less productive firms, which decreases the effectiveness of the policy in stimulating aggregate output.