Fed’s QE programme changed US corporate financing – BdF paper

The US Federal Reserve

The Federal Reserve’s quantitative easing programme had very different effects to conventional monetary policy on the financing of non-financial corporations, a working paper published by the Banque de France says.

In Monetary policy and corporate debt structure, Stéphane Lhuissier and Urszula Szczerbowicz use a vector autoregression model with high-frequency external instruments to identify policy shocks. The authors apply their model to data on the US economy from 1990 to 2018, when the

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