We study how differences in the aggregate structure of corporate debt financing affect the transmission of monetary policy. Using high-frequency financial market data to identify monetary policy shocks in a panel of euro area countries, we find that: bond finance dampens the overall response of...

This paper assesses European bank deleveraging and its impact on global credit conditions. Before the onset of the global financial crisis, European banks had rapidly expanded their foreign lending activities. However, European banks have since been tightening credit conditions in Europe more...

This article uses European Central Bank (ECB) survey data to assess whether gender matters in the small firms’ financial structure and access to credit. Firms owned or managed by women (female firms) use smaller amounts and less heterogeneous sources of external finance than their male...

By combining the approaches of Gertler and Karadi (2011) and Bernanke et al. (1999), I develop a DSGE model with leverage constraints both in the banking and in the non-financial firm sector. I calibrate this "full model" to US data. In a world with only a monetary policy and a productivity...