Corporate debt, repayment and maturity structure, and monetary policy transmission
构建新凯恩斯动态随机一般均衡模型，研究企业债务的偿还与期限结构如何影响货币政策传导，发现长期浮动利率债务会加剧信贷渠道，削弱央行稳定通胀的效果。
Abstract This article develops a stylized New Keynesian Dynamic Stochastic General Equilibrium model and explores the function of the repayment and maturity structure of corporate debt in the monetary policy transmission mechanism. The results demonstrate that following an unanticipated policy tightening, long-term floating-rate debt exacerbates the credit channel, causing a greater decline in investment and output due to the increased debt burden relative to long-term fixed rate debt. In response to the downward trajectory of the output, the central bank pursues a lower interest rate path, thereby inflation remains at a relatively elevated level. Thus, the monetary authority is less effective in stabilizing inflation in economies with long-term floating rates compared to those with fixed rates. Prolonging the maturity of floating-rate debt aggravates these effects and renders firms even more susceptible to adverse shocks.