Lending Relationships and Optimal Monetary Policy

• 成果类型: Article
• 署名作者: Bethune, Zachary; Rocheteau, Guillaume; Wong, Tsz-Nga; Zhang, Cathy
• 署名单位: University of Virginia; University of California System; University of California Irvine; Universite Paris-Pantheon-Assas; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Purdue University System; Purdue University
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdab077
• 发表日期: 2022
• 页码: 1833-1872
• 关键词: Financial intermediation; corporate-finance; liquidity; credit; money; transmission; equilibrium; INFORMATION; EFFICIENCY; deposits

摘要

We construct and calibrate a monetary model of corporate finance with endogenous formation of lending relationships. The equilibrium features money demands by firms that depend on their access to credit and a pecking order of financing means. We describe the mechanism through which monetary policy affects the creation of relationships and firms' incentives to use internal or external finance. We study optimal monetary policy following an unanticipated destruction of relationships under different commitment assumptions. The Ramsey solution uses forward guidance to expedite creation of new relationships by committing to raise the user cost of cash gradually above its long-run value. Absent commitment, the user cost is kept low, delaying recovery.