Financial Constraints, Sectoral Heterogeneity, and the Cyclicality of Investment
研究发现，在紧缩货币政策冲击下，制造业投资反而增加，这源于不受金融约束的企业利用资本成本下降扩大投资，而受约束企业被迫削减；一个两部门新凯恩斯模型能解释这一现象，且消除金融约束会使制造业产出对货币冲击的反应减弱约25%。
Abstract While investment in most sectors declines in response to a contractionary monetary policy shock, investment in the manufacturing sector increases. Using manually digitized aggregate income and balance sheet data for the universe of US manufacturing firms, I show that this increase is driven by the types of firms which are least likely to be financially constrained. A two-sector New Keynesian model with financial frictions can match these facts; unconstrained firms take advantage of the decline in the user cost of capital caused by the monetary contraction, while constrained firms are forced to cut back. Removing firm financial constraints in the model dampens the response of manufacturing output to monetary shocks by about 25%.