Monetary policy spillovers through debt currencies
利用高频货币政策冲击度量，发现非美国公司中外国债务比率越高的企业，其股票回报对美国货币政策通过汇率渠道的反应越强，尤其是有美元计价债券的公司；但欧洲央行政策对欧元债务公司无类似传导。
Using high-frequency measures of monetary policy shocks, I show that stock returns for non-US firms with a higher foreign debt ratio systematically respond more to US monetary policy via the exchange rate channel, especially for those firms with dollar-denominated bonds. I do not find similar transmission effects from European Central Bank monetary policy shocks to firms with euro-denominated debt.