A capital structure channel of monetary policy

We study the transmission channels from central banks’ quantitative easing programs via the banking sector when central banks start purchasing corporate bonds. We find evidence consistent with a “capital structure channel” of monetary policy. The announcement of central bank purchases reduces the bo...

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Veröffentlicht in:	Journal of financial economics 2019-08, Vol.133 (2), p.357-378
Hauptverfasser:	Grosse-Rueschkamp, Benjamin, Steffen, Sascha, Streitz, Daniel
Format:	Artikel
Sprache:	eng
Schlagworte:	Bank loans Bond debt Bonds Capital structure Central banks Companies Corporate bonds Debt capital structure Lending Loans Monetary policy Quantitative easing Real effects Risk taking Unconventional monetary policy
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