Collateral Heterogeneity and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms
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We study the role of heterogeneous financial frictions in investment and credit channels of monetary policy, using firm-bank matched administrative data for the U.S. We find that collateral heterogeneity in loan contracts explains the relaxing/tightening of financial constraints in response to
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美国国家经济研究局创建时间：
2021-04-01
