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 the amount of private sector debt potentially weakens the monetary policy transmission mechanism, policy shocks exert substantially larger effects on output when high private debt coincides with binding financial constraints.

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私人部门债务，金融约束和货币政策的影响：来自美国的证据

我们描述了美国实际GDP对货币政策冲击的反应，条件是私人部门债务的水平以及金融约束的约束程度。为了纳入货币政策的国家依赖性效应，我们使用了局部预测框架。我们发现，尽管私人部门债务的数量可能会削弱货币政策的传导机制，但当高私人债务与具有约束力的金融约束同时发生时，政策冲击将对产出产生更大的影响。