Private Sector Debt, Financial Constraints, and the Effects of Monetary Policy: Evidence from the US
研究了美国私人部门债务水平和金融约束程度如何影响货币政策冲击对实际GDP的效应，发现高债务与强金融约束并存时政策效果更大。
Abstract We characterize the response of U.S. real GDP to monetary policy shocks conditional on the level of private sector debt and the degree to which financial constraints are binding. To incorporate state‐dependent effects of monetary policy, we use the local projection framework. We find that although the amount of private sector debt potentially weakens the monetary policy transmission mechanism, policy shocks exert substantially larger effects on output when high private debt coincides with binding financial constraints.