Private Sector Debt, Financial Constraints, and the Effects of Monetary Policy: Evidence from the US
We characterize the response of U.S. real GDP to monetary policy shocks conditional on the level of private sector debt and the degree to which financial constraints are binding. To incorporate state‐dependent effects of monetary policy, we use the local projection framework. We find that although t...
|Place of publication:||
|published in:||Oxford bulletin of economics and statistics Vol. 82; no. 4; pp. 889 - 915|
|Data of publication:||August 2020|
|Database:||Wiley Free Content
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