Corporate Debt Maturity Matters For Monetary Policy
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Joachim Jungherr & Matthias Meier & Timo Reinelt & Immo Schott, 2024. "Corporate Debt Maturity Matters for Monetary Policy," International Finance Discussion Papers 1402, Board of Governors of the Federal Reserve System (U.S.).
- Joachim Jungherr & Matthias Meier & Timo Reinelt & Immo Schott, 2024. "Corporate Debt Maturity Matters for Monetary Policy," Working Paper Series 2024-30, Federal Reserve Bank of San Francisco.
References listed on IDEAS
- Mark Aguiar & Manuel Amador & Hugo Hopenhayn & Iván Werning, 2019.
"Take the Short Route: Equilibrium Default and Debt Maturity,"
Econometrica, Econometric Society, vol. 87(2), pages 423-462, March.
- Mark Aguiar & Manuel Amador & Hugo Hopenhayn & Iván Werning, 2016. "Take the Short Route: Equilibrium Default and Debt Maturity," NBER Working Papers 22847, National Bureau of Economic Research, Inc.
- Deng, Minjie & Fang, Min, 2022.
"Debt maturity heterogeneity and investment responses to monetary policy,"
European Economic Review, Elsevier, vol. 144(C).
- Minjie Deng & Min Fang, 2021. "Debt Maturity Heterogeneity and Investment Responses to Monetary Policy," Discussion Papers dp21-17, Department of Economics, Simon Fraser University.
- Ippolito, Filippo & Ozdagli, Ali K. & Perez-Orive, Ander, 2018.
"The transmission of monetary policy through bank lending: The floating rate channel,"
Journal of Monetary Economics, Elsevier, vol. 95(C), pages 49-71.
- Filippo Ippolito & Ali Ozdagli & Ander Pérez-Orive, 2017. "The Transmission of Monetary Policy through Bank Lending : The Floating Rate Channel," Finance and Economics Discussion Series 2017-026, Board of Governors of the Federal Reserve System (U.S.).
- Dimitri Vayanos & Jean‐Luc Vila, 2021.
"A Preferred‐Habitat Model of the Term Structure of Interest Rates,"
Econometrica, Econometric Society, vol. 89(1), pages 77-112, January.
- Dimitri Vayanos & Jean-Luc Vila, 2009. "A Preferred-Habitat Model of the Term Structure of Interest Rates," NBER Working Papers 15487, National Bureau of Economic Research, Inc.
- Vayanos, Dimitri & ,, 2009. "A Preferred-Habitat Model of the Term Structure of Interest Rates," CEPR Discussion Papers 7547, C.E.P.R. Discussion Papers.
- Jean-Luc Vila & Dimitri Vayanos, 2009. "A Preferred-Habitat Model of the Term Structure of Interest Rates," FMG Discussion Papers dp641, Financial Markets Group.
- Vayanos, Dimitri & Vila, Jean-Luc, 2009. "A preferred-habitat model of the term structure of interest rates," LSE Research Online Documents on Economics 29308, London School of Economics and Political Science, LSE Library.
- Vayanos, Dimitri & Vila, Jean-Luc, 2021. "A preferred-habitat model of the term structure of interest rates," LSE Research Online Documents on Economics 106509, London School of Economics and Political Science, LSE Library.
- Myers, Stewart C. & Majluf, Nicholas S., 1984.
"Corporate financing and investment decisions when firms have information that investors do not have,"
Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
- Myers, Stewart C. & Majluf, Nicolás S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
- Altinkilic, Oya & Hansen, Robert S, 2000. "Are There Economies of Scale in Underwriting Fees? Evidence of Rising External Financing Costs," The Review of Financial Studies, Society for Financial Studies, vol. 13(1), pages 191-218.
- Mark Aguiar & Manuel Amador, 2020.
"Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models,"
American Economic Review, American Economic Association, vol. 110(9), pages 2783-2818, September.
- Mark A. Aguiar & Manuel Amador, 2018. "Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models," NBER Working Papers 24683, National Bureau of Economic Research, Inc.
- Mark Aguiar & Manuel Amador, 2018. "Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models," Staff Report 565, Federal Reserve Bank of Minneapolis.
- Michael D. Bauer & Eric T. Swanson, 2023.
"A Reassessment of Monetary Policy Surprises and High-Frequency Identification,"
NBER Macroeconomics Annual, University of Chicago Press, vol. 37(1), pages 87-155.
- Michael D. Bauer & Eric T. Swanson, 2022. "A Reassessment of Monetary Policy Surprises and High-Frequency Identification," NBER Chapters, in: NBER Macroeconomics Annual 2022, volume 37, pages 87-155, National Bureau of Economic Research, Inc.
- Bauer, Michael & Swanson, Eric T., 2022. "A Reassessment of Monetary Policy Surprises and High-Frequency Identification," CEPR Discussion Papers 17116, C.E.P.R. Discussion Papers.
- Bauer, Michael D. & Swanson, Eric T., 2022. "A reassessment of monetary policy surprises and high-frequency identification," IMFS Working Paper Series 165, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
- Michael D. Bauer & Eric T. Swanson, 2022. "A Reassessment of Monetary Policy Surprises and High-Frequency Identification," NBER Working Papers 29939, National Bureau of Economic Research, Inc.
- Michael D. Bauer & Eric T. Swanson, 2022. "A Reassessment of Monetary Policy Surprises and High-Frequency Identification," CESifo Working Paper Series 9642, CESifo.
- Gareth Anderson & Ambrogio Cesa-Bianchi, 2024. "Crossing the Credit Channel: Credit Spreads and Firm Heterogeneity," American Economic Journal: Macroeconomics, American Economic Association, vol. 16(3), pages 417-446, July.
- Şebnem Kalemli-Özcan & Luc Laeven & David Moreno, 2022.
"Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis,"
Journal of the European Economic Association, European Economic Association, vol. 20(6), pages 2353-2395.
- Ṣebnem Kalemli-Özcan & Luc Laeven & David Moreno, 2018. "Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis," NBER Working Papers 24555, National Bureau of Economic Research, Inc.
- Kalemli-Ozcan, Sebnem & Laeven, Luc & Moreno, David, 2019. "Debt overhang, rollover risk, and corporate investment: evidence from the European crisis," Working Paper Series 2241, European Central Bank.
- Laeven, Luc & Kalemli-Özcan, Sebnem & Moreno, David, 2018. "Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis," CEPR Discussion Papers 12881, C.E.P.R. Discussion Papers.
- Kalemli-Özcan, Sebnem & Laeven, Luc & Moreno, David, 2018. "Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis," CEPR Discussion Papers 13336, C.E.P.R. Discussion Papers.
- Hayne Leland, 2019.
"Bond Prices, Yield Spreads, and Optimal Capital Structure with Default Risk,"
Finance, Presses universitaires de Grenoble, vol. 40(3), pages 45-75.
- Hayne Leland., 1994. "Bond Prices, Yield Spreads, and Optimal Capital Structure with Default Risk," Research Program in Finance Working Papers RPF-240, University of California at Berkeley.
- Yuriy Gorodnichenko & Michael Weber, 2016.
"Are Sticky Prices Costly? Evidence from the Stock Market,"
American Economic Review, American Economic Association, vol. 106(1), pages 165-199, January.
- Yuriy Gorodnichenko & Michael Weber, 2013. "Are Sticky Prices Costly? Evidence From The Stock Market," NBER Working Papers 18860, National Bureau of Economic Research, Inc.
- Gertler, Mark & Karadi, Peter, 2011. "A model of unconventional monetary policy," Journal of Monetary Economics, Elsevier, vol. 58(1), pages 17-34, January.
- Armen Hovakimian & Ayla Kayhan & Sheridan Titman, 2012.
"Are Corporate Default Probabilities Consistent with the Static Trade-off Theory?,"
The Review of Financial Studies, Society for Financial Studies, vol. 25(2), pages 315-340.
- Armen Hovakimian & Ayla Kayhan & Sheridan Titman, 2011. "Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?," NBER Working Papers 17290, National Bureau of Economic Research, Inc.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Gulyas, Andreas & Meier, Matthias & Ryzhenkov, Mykola, 2024.
"Labor market effects of monetary policy across workers and firms,"
European Economic Review, Elsevier, vol. 166(C).
- Andreas Gulyas & Matthias Meier & Mykola Ryzhenkov, 2023. "Labor Market Effects of Monetary Policy Across Workers and Firms," CRC TR 224 Discussion Paper Series crctr224_2023_407, University of Bonn and University of Mannheim, Germany.
- Val re Fourel & Alice Schwenninger, 2024. "The Impact of the PEPP on the Corporate Commercial Paper Market," Working papers 946, Banque de France.
- Stéphane Dupraz, 2023. "The Dynamic IS Curve when there is both Investment and Savings," Working papers 905, Banque de France.
- Holm-Hadulla, Fédéric & Thürwächter, Claire, 2024. "Granular shocks to corporate leverage and the macroeconomic transmission of monetary policy," Working Paper Series 2891, European Central Bank.
- Banna, Hasanul & Alam, Ashraful & Chen, Xihui Haviour & Alam, Ahmed W., 2023. "Energy security and economic stability: The role of inflation and war," Energy Economics, Elsevier, vol. 126(C).
- Jin Cao & Torje Hegna & Martin B. Holm & Ragnar Juelsrud & Tobias König & Mikkel Riiser, 2023. "The Investment Channel of Monetary Policy : Evidence from Norway," Working Paper 2023/5, Norges Bank.
- Fedajev, Aleksandra & Mitić, Petar & Kojić, Milena & Radulescu, Magdalena, 2023. "Driving industrial and economic growth in Central and Eastern Europe: The role of electricity infrastructure and renewable energy," Utilities Policy, Elsevier, vol. 85(C).
- Matthias Gnewuch, 2024. "Monetary policy, firm heterogeneity, and the distribution of investment rates," Working Papers 61, European Stability Mechanism.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Reiter, Michael & Zessner-Spitzenberg, Leopold, 2023.
"Long-term bank lending and the transfer of aggregate risk,"
Journal of Economic Dynamics and Control, Elsevier, vol. 151(C).
- Reiter, Michael & Zessner-Spitzenberg, Leopold, 2020. "Long-term bank lending and the transfer of aggregate risk," IHS Working Paper Series 13, Institute for Advanced Studies.
- Tom D. Holden & Paul Levine & Jonathan M. Swarbrick, 2020.
"Credit Crunches from Occasionally Binding Bank Borrowing Constraints,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(2-3), pages 549-582, March.
- Tom D. Holden & Paul Levine & Jonathan Swarbrick, 2017. "Credit Crunches from Occasionally Binding Bank Borrowing Constraints," Staff Working Papers 17-57, Bank of Canada.
- Holden, Tom D. & Levine, Paul & Swarbrick, Jonathan M., 2018. "Credit crunches from occasionally binding bank borrowing constraints," Discussion Papers 57/2018, Deutsche Bundesbank.
- Holden, Tom D. & Levine, Paul & Swarbrick, Jonathan M., 2017. "Credit crunches from occasionally binding bank borrowing constraints," EconStor Preprints 168441, ZBW - Leibniz Information Centre for Economics.
- Joachim Jungherr & Immo Schott, 2021.
"Optimal Debt Maturity and Firm Investment,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 110-132, October.
- Immo Schott & Joachim Jungherr, 2016. "Optimal Debt Maturity and Firm Investment," Working Papers 943, Barcelona School of Economics.
- Xing Guo, 2020. "Identifying Aggregate Shocks with Micro-level Heterogeneity: Financial Shocks and Investment Fluctuation," Staff Working Papers 20-17, Bank of Canada.
- Alexandridis, George & Chen, Zhong & Zeng, Yeqin, 2021. "Financial hedging and corporate investment," Journal of Corporate Finance, Elsevier, vol. 67(C).
- Lee, Gemma & Masulis, Ronald W., 2009. "Seasoned equity offerings: Quality of accounting information and expected flotation costs," Journal of Financial Economics, Elsevier, vol. 92(3), pages 443-469, June.
- Margherita Bottero & Stefano schiaffi, 2022. "Firm liquidity and the transmission of monetary policy," Temi di discussione (Economic working papers) 1378, Bank of Italy, Economic Research and International Relations Area.
- Anton Miglo, 2012.
"Managers versus Students: New Approach in Improving Capital Structure Education,"
Journal of Education and Vocational Research, AMH International, vol. 3(11), pages 353-369.
- Miglo, Anton, 2012. "Managers versus students: new approach in improving capital structure education," MPRA Paper 46695, University Library of Munich, Germany.
- George Georgakopoulos & Kanellos Toudas & Evangelos I. Poutos & Theodoros Kounadeas & Stefanos Tsavalias, 2022. "Capital Structure, Corporate Governance, Equity Ownership and Their Impact on Firms’ Profitability and Effectiveness in the Energy Sector," Energies, MDPI, vol. 15(10), pages 1-10, May.
- Òscar Jordà & Martin Kornejew & Moritz Schularick & Alan M Taylor, 2022.
"Zombies at Large? Corporate Debt Overhang and the Macroeconomy,"
The Review of Financial Studies, Society for Financial Studies, vol. 35(10), pages 4561-4586.
- Òscar Jordà & Martin Kornejew & Moritz Schularick & Alan M. Taylor, 2020. "Zombies at large? Corporate debt overhang and the macroeconomy," ECONtribute Discussion Papers Series 042, University of Bonn and University of Cologne, Germany.
- Òscar Jordà & Martin Kornejew & Moritz Schularick & Alan Taylor, 2022. "Zombies at Large? Corporate Debt Overhang and the Macroeconomy," Post-Print hal-03935641, HAL.
- Òscar Jordà & Martin Kornejew & Moritz Schularick & Alan Taylor, 2022. "Zombies at Large? Corporate Debt Overhang and the Macroeconomy," SciencePo Working papers Main hal-03935641, HAL.
- Oscar Jorda & Martin Kornejew & Moritz Schularick & Alan M. Taylor, 2021. "Zombies at Large? Corporate Debt Overhang and the Macroeconomy," Working Papers Series inetwp168, Institute for New Economic Thinking.
- Òscar Jordà & Martin Kornejew & Moritz Schularick & Alan M. Taylor, 2020. "Zombies at Large? Corporate Debt Overhang and the Macroeconomy," Staff Reports 951, Federal Reserve Bank of New York.
- Òscar Jordà & Martin Kornejew & Moritz Schularick & Alan M. Taylor, 2020. "Zombies at Large? Corporate Debt Overhang and the Macroeconomy," Working Paper Series 2020-36, Federal Reserve Bank of San Francisco.
- Schularick, Moritz & Jordà , Òscar & Kornejew, Martin & Taylor, Alan M., 2020. "Zombies at large? Corporate debt overhang and the macroeconomy," CEPR Discussion Papers 15518, C.E.P.R. Discussion Papers.
- Òscar Jordà & Martin Kornejew & Moritz Schularick & Alan M. Taylor, 2020. "Zombies at Large? Corporate Debt Overhang and the Macroeconomy," NBER Working Papers 28197, National Bureau of Economic Research, Inc.
- Angelo Aspris & Edward Bi & Sean Foley & Jiri Svec, 2024. "Crisis Capital: Private Placements During COVID‐19," Abacus, Accounting Foundation, University of Sydney, vol. 60(3), pages 607-626, September.
- Frederico Belo & Xiaoji Lin & Fan Yang, 2019.
"External Equity Financing Shocks, Financial Flows, and Asset Prices,"
The Review of Financial Studies, Society for Financial Studies, vol. 32(9), pages 3500-3543.
- Frederico Belo & Xiaoji Lin & Fan Yang, 2014. "External Equity Financing Shocks, Financial Flows, and Asset Prices," NBER Working Papers 20210, National Bureau of Economic Research, Inc.
- Belo, Frederico & Lin, Xiaoji & Yang, Fan, 2014. "External Equity Financing Shocks, Financial Flows, and Asset Prices," Working Paper Series 2014-08, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Nishihara, Michi & Shibata, Takashi, 2013.
"The effects of external financing costs on investment timing and sizing decisions,"
Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1160-1175.
- Michi NISHIHARA & Takashi SHIBATA, 2012. "The effects of external financing costs on investment timing and sizing decisions," Discussion Papers in Economics and Business 12-07, Osaka University, Graduate School of Economics.
- Patrick Bolton & Ye Li & Neng Wang & Jinqiang Yang, 2020.
"Dynamic Banking and the Value of Deposits,"
NBER Working Papers
28298, National Bureau of Economic Research, Inc.
- Patrick Bolton & Ye Li & Neng Wang & Jinqiang Yang, 2020. "Dynamic Banking and the Value of Deposits," NBER Working Papers 26802, National Bureau of Economic Research, Inc.
- Bolton, Patrick & Li, Ye & Wang, Neng & Yang, Jinqiang, 2020. "Dynamic Banking and the Value of Deposits," Working Paper Series 2020-13, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Moritzen, Mark Raun & Schandlbauer, Alexander, 2020. "The impact of competition and time-to-finance on corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 65(C).
- Fattouh, Bassam & Pisicoli, Beniamino & Scaramozzino, Pasquale, 2024.
"Debt and financial fragility: Italian non-financial companies after the pandemic,"
Economic Modelling, Elsevier, vol. 131(C).
- Bassam Fattouh & Beniamino Pisicoli & Pasquale Scaramozzino, 2023. "Debt and Financial Fragility: Italian Non-Financial Companies after the Pandemic," CEIS Research Paper 551, Tor Vergata University, CEIS, revised 08 Feb 2023.
- Bolton, Patrick & Wang, Neng & Yang, Jinqiang, 2019.
"Investment under uncertainty with financial constraints,"
Journal of Economic Theory, Elsevier, vol. 184(C).
- Patrick Bolton & Neng Wang & Jinqiang Yang, 2014. "Investment under Uncertainty with Financial Constraints," NBER Working Papers 20610, National Bureau of Economic Research, Inc.
- Ma, Liang & Mello, Antonio S. & Wu, Youchang, 2020. "First-mover advantage, time to finance, and cash holdings," Journal of Corporate Finance, Elsevier, vol. 62(C).
- Deng, Minjie & Fang, Min, 2022.
"Debt maturity heterogeneity and investment responses to monetary policy,"
European Economic Review, Elsevier, vol. 144(C).
- Minjie Deng & Min Fang, 2021. "Debt Maturity Heterogeneity and Investment Responses to Monetary Policy," Discussion Papers dp21-17, Department of Economics, Simon Fraser University.
- Di Nola, Alessandro, 2015. "Capital Misallocation during the Great Recession," MPRA Paper 68289, University Library of Munich, Germany.
More about this item
Keywords
monetary policy; investment; corporate debt; debt maturity;All these keywords.
JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBA-2022-08-15 (Central Banking)
- NEP-CFN-2022-08-15 (Corporate Finance)
- NEP-DGE-2022-08-15 (Dynamic General Equilibrium)
- NEP-MON-2022-08-15 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bon:boncrc:crctr224_2022_360. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CRC Office (email available below). General contact details of provider: https://www.crctr224.de .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.