Monetary Policy and Corporate Debt Structure

Stéphane Lhuissier and Urszula Szczerbowicz

Post-Print from HAL

Abstract: 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.

Date: 2022-06
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Published in Oxford Bulletin of Economics and Statistics, 2022, 84 (3), pp.497-515. ⟨10.1111/obes.12443⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Monetary Policy and Corporate Debt Structure (2022)
Working Paper: Monetary Policy and Corporate Debt Structure (2018)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04459541

DOI: 10.1111/obes.12443

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().