Recent research has found that monetary policy works in part by influencing the risk
premiums on both traded financial-market securities and intermediated loans. Research has …

The role of leverage in explaining firm-level responses to monetary policy changed around
the financial crisis of 2007-09. The stock price of firms with high leverage was less …

We show that firm investment and employment respond strongly to contractionary monetary
policy but weakly to expansionary policy, and that this pattern can be attributed to an …

We study the heterogeneous impact of jointly identified monetary policy and global risk
shocks on corporate funding costs. We disentangle these two shocks in a structural …

We study how debt maturity heterogeneity determines firm-level investment responses to
monetary policy shocks. We first document that debt maturity significantly affects the …

We study how the transmission of monetary policy to firms' investment and credit spreads
depends on their financial conditions, finding a major role for their excess bond premia …

Surprise changes in monetary policy rates have a causal impact on credit risk measures,
which display a significant post-FOMC drift. I employ a tight identification strategy to …

Using data on newly issued corporate bonds and syndicated loans, we investigate the
effects of the Federal Reserve's interventions during the pandemic on corporate debt activity …

We revisit the relation between equity returns and financial leverage through the lens of a
dynamic trade-off model with costly capital structure rebalancing. The model predicts that …

The paper investigates the complex interplay between monetary policy, firm financial health,
and credit market dynamics. Using credit default swap (CDS) data, we demonstrate that …