Corporate Finance and Monetary Policy

• 成果类型: Article
• 署名作者: Rocheteau, Guillaume; Wright, Randall; Zhang, Cathy
• 署名单位: University of California System; University of California Irvine; Universite Paris-Pantheon-Assas; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Purdue University System; Purdue University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20161048
• 发表日期: 2018
• 页码: 1147-1186
• 关键词: interest-rates; liquidity; credit; banking; money; prices; MODEL

摘要

We develop a general equilibrium. model where entrepreneurs finance random investment opportunities using trade credit, bank-issued assets, or currency. They search for hank funding in over-the-counter markets where loan sizes, interest rates, and down payments are negotiated bilaterally. The theory generates pass-through from nominal interest rates to real lending rates depending on market microstructure, policy, and firm characteristics. Higher banks' bargaining power, or example, raises pass-through but weakens transmission to investment. Interest rate spreads arise from liquidity, regulatory, and intermediation premia and depend on policy described as money growth or open market operations.