Financial Heterogeneity and the Investment Channel of Monetary Policy
研究发现低违约风险企业（低负债、高违约距离）对货币政策冲击反应最灵敏，并用包含违约风险的异质性企业新凯恩斯模型解释，指出货币政策的总效应取决于违约风险的分布。
We study the role of financial frictions and firm heterogeneity in determining the investment channel of monetary policy. Empirically, we find that firms with low default risk—those with low debt burdens and high “distance to default”— are the most responsive to monetary shocks. We interpret these findings using a heterogeneous firm New Keynesian model with default risk. In our model, low‐risk firms are more responsive to monetary shocks because they face a flatter marginal cost curve for financing investment. The aggregate effect of monetary policy may therefore depend on the distribution of default risk, which varies over time.