Bond market stimulus: Firm-level evidence

• 成果类型: Article
• 署名作者: Darmouni, Olivier; Siani, Kerry Y.
• 署名单位: Columbia University; Massachusetts Institute of Technology (MIT)
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2024.103728
• 发表日期: 2025
• 关键词: Corporate bonds; unconventional monetary policy; Corporate liquidity

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.