Kashyap, Anil K; Stein, Jeremy C; Wilcox, David W - In: American Economic Review 83 (1993) 1, pp. 78-98
In this paper, the authors use the relative moments in bank loans and commercial paper to provide evidence on the existe nce of a loan-supply channel of monetary-policy transmission. The author s find that tighter monetary policy leads to a shift in firms' mix of external financing: commercial...