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  1. Crossing the credit channel
    credit spreads and firm heterogeneity
    Author: Anderson, Gareth; Cesa-Bianchi, Ambrogio
    Published: December 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-financial firms, we document that firms... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-financial firms, we document that firms with high leverage experience a more pronounced increase in credit spreads than firms with low leverage. A large fraction of this increase is due to a component of credit spreads that is in excess of firms' expected default. Our results suggest that frictions in the financial intermediation sector play a crucial role in shaping the transmission mechanism of monetary policy

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513563336
    Other identifier:
    Series: IMF working paper ; WP/20, 267
    Subjects: monetary policy; heterogeneity; credit spreads; excess bond premium; credit channel; financial accelerator; event study; Credit Channel; Credit Spreads; Excess Bond Premium; Heterogeneity; Monetary Policy
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  2. Crossing the credit channel
    credit spreads and firm heterogeneity
    Author: Anderson, Gareth; Cesa-Bianchi, Ambrogio
    Published: December 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-financial firms, we document that firms... more

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    Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-financial firms, we document that firms with high leverage experience a more pronounced increase in credit spreads than firms with low leverage. A large fraction of this increase is due to a component of credit spreads that is in excess of firms' expected default. Our results suggest that frictions in the financial intermediation sector play a crucial role in shaping the transmission mechanism of monetary policy

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513563336
    Other identifier:
    Series: IMF working paper ; WP/20, 267
    Subjects: monetary policy; heterogeneity; credit spreads; excess bond premium; credit channel; financial accelerator; event study; Credit Channel; Credit Spreads; Excess Bond Premium; Heterogeneity; Monetary Policy
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen