Nonbank Lending and the Transmission of Monetary Policy
利用丹麦企业和家庭无担保信贷的完整数据，分析了非银行金融机构在货币政策传导中的作用，发现货币紧缩后非银行信贷增加，缓冲了对投资和消费的负面影响。
Abstract We analyze the role of nonbank lenders in the transmission of monetary policy using data on the universe of unsecured credit to firms and households in Denmark. Nonbanks increase their credit supply after a monetary contraction, both relative to banks and in absolute terms. The increase in nonbank lending is financed through increased long-term debt. A model with segmented debt markets featuring differential investor rate sensitivities rationalizes these findings. Nonbank credit insulates corporate investment and household consumption from monetary contractions, with positive spillovers extending beyond nonbank clients through industry and geographic channels.