Corporate Finance and the Monetary Transmission Mechanism
构建了一个包含银行信贷和证券市场的金融部门一般均衡模型，分析货币政策如何通过银行贷款与公司债券利差的变化影响企业融资结构和银行资本基础，并解释了“信贷紧缩”现象。
We analyze the transmission effects of monetary policy in a general equilibrium model of the financial sector, with bank lending and securities markets. Bank lending is constrained by capital adequacy requirements, and asymmetric information adds a cost to outside bank equity capital. In our model, monetary policy does not affect bank lending through changes in bank liquidity; rather, it operates through changes in the spread of bank loans over corporate bonds, which induce changes in the aggregate composition of financing by firms, and in banks' equity-capital base. The model produces multiple equilibria, one of which displays all the features of a "credit crunch." Copyright 2006, Oxford University Press.