The Credit Channel at the Zero Lower Bound through the Lens of Equity Prices
研究了零利率下限时期非常规货币政策对股票价格的影响，发现财务受限企业对大规模资产购买反应更强，表明信贷渠道在政策传导中与利率渠道同等重要。
Abstract This study examines the impact of unconventional monetary policies on the stock market when the short‐term nominal interest rate is stuck at the zero lower bound (ZLB). Unconventional monetary policies appear to have significant effects on stock prices and the effects differ across stocks. In agreement with existing credit channel theories, I find that firms subject to financial constraints react more strongly to unconventional monetary policy shocks [especially large‐scale asset purchases (LSAPs)] than do less constrained firms. These results imply that the credit channel is as important as the interest rate channel in the transmission of unconventional monetary policies at the ZLB.