作者：Rocheteau, Guillaume; Wright, Randall; Zhang, Cathy
作者单位：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
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 pas...
