We build a general equilibrium model with financial frictions that impede monetary policy transmission. Agents with heterogeneous productivity can increase investment by levering up, which increases liquidity risk due to maturity transformation. In equilibrium, more productive agents choose higher leverage than less productive agents, which exposes the more productive agents to greater liquidity risk and makes their investment less responsive to interest rate changes. When monetary policy reduces interest rates, aggregate investment quality deteriorates, which blunts the monetary stimulus and decreases asset liquidation values. This, in turn, reduces loan demand, decreasing the interest rate further and generating a negative spiral. Overall, the allocation of credit is distorted and monetary stimulus can become ineffective even with significant interest rate drops.

我们建立了具有阻碍货币政策传导的金融摩擦的一般均衡模型。具有异质生产率的代理人可以通过杠杆化来增加投资，这会由于到期日转换而增加流动性风险。在均衡状态下，更多生产者选择的杠杆要高于那些生产较少者的杠杆，这会使更多生产者面临更大的流动性风险，并使他们的投资对利率变化的反应性降低。当货币政策降低利率时，总投资质量将恶化，这将削弱货币刺激并降低资产清算价值。反过来，这减少了贷款需求，进一步降低了利率并产生了负螺旋。总体，