Corporate finance and the monetary transmission mechanism

被引：101

作者：

Bolton, Patrick ^{[1
]}

Freixas, Xavier ^{[1
]}

机构：

[1] Columbia Univ, New York, NY 10027 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2006年 / 19卷 / 03期

关键词：

D O I：

10.1093/rfs/hhl002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze the transmission effects of monetary policy in a general equilibrium model of the financial sector, with bank lending and securities markets. Bank lending is constrained by capital adequacy requirements, and asymmetric information adds a cost to outside bank equity capital. In our model, monetary policy does not affect bank lending through changes in bank liquidity; rather, it operates through changes in the spread of bank loans over corporate bonds, which induce changes in the aggregate composition of financing by firms, and in banks' equity-capital base. The model produces multiple equilibria, one of which displays all the features of a "credit crunch."

引用

页码：829 / 870

页数：42

共 28 条

[1]

[Anonymous], MONETARY POLICY

[2] SOME EVIDENCE ON THE EMPIRICAL SIGNIFICANCE OF CREDIT RATIONING [J].