Alder, Marie; Coimbra, Nuno; Szczerbowicz, Urszula - 2024
Using French firms’ balance sheet data, we show that corporate debt structure plays a significant role in ECB monetary … policy transmission. In addition to interest rate policy, we analyse the impact of a novel ECB-induced bond liquidity shock …. While both types of policy tightening diminish French firms’ investment, the transmission of conventional monetary policy …