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- handle: 10670/1.k197h4
- hal: hal-04459541
- doi: 10.1111/obes.12443
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info:eu-repo/semantics/altIdentifier/doi/10.1111/obes.12443
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Stéphane Lhuissier et al., « Monetary Policy and Corporate Debt Structure », HAL-SHS : économie et finance, ID : 10.1111/obes.12443
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This paper evaluates and compares the effects of conventional and unconventional monetary policies on the corporate debt structure in the United States. It does so by using a vector autoregression in which policy shocks are identified through high‐frequency external instruments. Our results show that both monetary policies shift the firms’ composition of external financing, though in a different way. An expansionary conventional (unconventional) monetary policy leads to a rise (decline) in loans and a decline (rise) in debt securities issuance. Our results suggest that unconventional monetary policy operated primarily through a portfolio rebalancing channel, rather than through a bank lending channel.