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|z 9781513563336
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|a 1018-5941
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|c BD-DhAAL
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|a Anderson, Gareth.
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|a Crossing the Credit Channel :
|b Credit Spreads and Firm Heterogeneity /
|c Gareth Anderson, Ambrogio Cesa-Bianchi.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2020.
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|a 1 online resource (67 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-financial firms, we document that firms with high leverage experience a more pronounced increase in credit spreads than firms with low leverage. A large fraction of this increase is due to a component of credit spreads that is in excess of firms' expected default. Our results suggest that frictions in the financial intermediation sector play a crucial role in shaping the transmission mechanism of monetary policy.
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|a Mode of access: Internet
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|a Credit Channel
|2 imf
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|a Credit Spreads
|2 imf
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|a Excess Bond Premium
|2 imf
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|a Heterogeneity
|2 imf
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|a Monetary Policy
|2 imf
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|a Cesa-Bianchi, Ambrogio.
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|a IMF Working Papers; Working Paper ;
|v No. 2020/267
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2020/267/001.2020.issue-267-en.xml
|z IMF e-Library
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