Monetary Policy and Corporate Debt Structure
用向量自回归模型评估常规与非常规货币政策对美国企业债务结构的不同影响，发现常规政策增加贷款、减少债券发行，而非常规政策则相反，主要通过资产组合再平衡渠道起作用。
Abstract This paper evaluates and compares the effects of conventional and unconventional monetary policies on the corporate debt structure in the United States. It does so by using a vector autoregression in which policy shocks are identified through high‐frequency external instruments. Our results show that both monetary policies shift the firms’ composition of external financing, though in a different way. An expansionary conventional (unconventional) monetary policy leads to a rise (decline) in loans and a decline (rise) in debt securities issuance. Our results suggest that unconventional monetary policy operated primarily through a portfolio rebalancing channel, rather than through a bank lending channel.