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...

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Bibliographic details
Volume: 82
Main Author: Breitenlechner, Max
Scharler, Johann
Format: Journal Article
Language: English
Place of publication: 01.08.2020
published in: Oxford bulletin of economics and statistics Vol. 82; no. 4; pp. 889 - 915
Data of publication: August 2020
ISSN: 0305-9049
EISSN: 1468-0084
Discipline: Economics
Online Access: Fulltext
Database: Wiley Free Content
Wiley-Blackwell Open Access Titles
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