Bond market stimulus: Firm-level evidence

被引：0

作者：

Darmouni, Olivier ^{[1
]}

Siani, Kerry Y. ^{[2
]}

机构：

[1] Columbia Business Sch, New York, NY 10027 USA

[2] MIT Sloan, Cambridge, MA 02142 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2025年 / 151卷

关键词：

Corporate bonds; Unconventional monetary policy; Corporate liquidity; CORPORATE-FINANCE; MONETARY-POLICY; DEBT; INVESTMENT; CREDIT; RISK; TRANSMISSION; MATURITY; CHANNEL; BANKS;

D O I：

10.1016/j.jmoneco.2024.103728

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

How do asset purchases by central banks transmit to the real economy? Using micro-data on corporate balance sheets, we study firm behavior after the unprecedented policy support to corporate bond markets in 2020. As bond yields fell, firms issued bonds to accumulate large and persistent amounts of liquid assets. The effect on real investment was generally weak: many issuers already had access to bank liquidity and maintained equity payouts, while others used bond funds to pay back bank debt. This evidence sheds light on how corporate liquidity and financial heterogeneity matter for the macro-economy and the transmission of unconventional monetary policy.

引用

页数：16

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