This paper evaluates and compares the effects of conventional and unconventional monetary policies on the corporate debt structure in the United States. It does so by using a vector autoregression in which policy shocks are identified through high-frequency external instruments. Our results show that both monetary policies shift the firms’ composition of external financing, though in a different way. An expansionary conventional (unconventional) monetary policy leads to a rise (decline) in loans and a decline (rise) in debt securities issuance. Our results suggest that unconventional monetary policy operated primarily through a portfolio rebalancing channel, rather than through a bank lending channel.

中文翻译：

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货币政策和公司债务结构*

本文评估并比较了常规和非常规货币政策对美国公司债务结构的影响。它通过使用向量自回归来做到这一点，其中通过高频外部工具识别政策冲击。我们的结果表明，两种货币政策都改变了企业的外部融资构成，尽管方式不同。扩张性的常规（非常规）货币政策导致贷款增加（下降）和债务证券发行下降（上升）。我们的结果表明，非常规货币政策主要通过投资组合再平衡渠道而不是通过银行贷款渠道运作。