Monetary Policy, Corporate Financial Structure and Economic Fluctuations

该研究项目的目标是提供一个全面的 货币政策“借贷”渠道的实证评估 传输 根据贷款观点，货币政策 这不仅是因为它对交易余额的影响， 还因为它对银行贷款供应的影响。 存在一个独特的贷款渠道的关键是， 条件是银行贷款和其他形式的信贷，例如，开放 市场票据和贸易信贷，是一些不完善的替代品 借款人 换句话说， 如果一些借款人部分“依赖银行”，" 本项目的贡献来自于一次彻底的检查 的总体和横截面的影响， 借贷观 使用汇总数据，研究人员测试：1） 货币政策是否真的能左右贷款供应; 2） 这些贷款供应的变动是否反过来有意义 资本货物和存货投资的后果。 的 项目使用微观数据来确定是否有大量库存 经济衰退中常见的波动可以归因于货币- 政策引导的贷款供给变化。 该项目确定 依赖银行的公司是否会大幅削减库存 非银行依赖型公司在货币危机后的表现 收缩。 微观数据也被用来研究响应性 企业间贸易信贷扩展对货币冲击的影响。

The goal of this research project is to provide a comprehensive empirical assessment of the "lending" channel of monetary policy transmission. According to the lending view, monetary policy matters not only because of its effect on transactions balances, but also because of its impact on the supply of bank loans. Critical to the existence of a distinct lending channel is the condition that bank loans and other forms of credit, e.g., open market paper and trade credit, be imperfect substitutes for some borrowers. In other words, there can only be a distinct lending channel if some borrowers are partially "bank dependent." The contribution of this project comes from a through examination of both the aggregate and cross-sectional implications of the lending view. Using aggregate data, the investigators test: 1) whether monetary policy can indeed move loan supply around; and 2) whether these movements in loan supply in turn have meaningful consequences for investment in capital goods and inventories. The project uses micro data to determine whether the large inventory swings typically seen in recessions can be attributed to monetary- policy-induced changes in loan supply. The project determines whether bank-dependent firms cut their inventories more sharply than do non-bank dependent firms in the wake of a monetary contraction. Micro data is also used to study the responsiveness of inter-firm trade credit extensions to monetary shocks.