货币政策与就业：金融约束是否重要？

摘要

We propose a simple empirical strategy that combines (i) administrative firm-level data, (ii) identified monetary policy shocks, and (iii) survey data on financing activities. The key novelty is a firm-level proxy for the likelihood of being credit constrained, constructed using data on realized outcomes of financing requests. Leveraging heterogeneity in the proxy and employment responses to monetary policy shocks, we find that credit constraints amplify monetary policy transmission and account for roughly two thirds of the aggregate employment response to monetary policy. Our findings imply redistributive effects across firms (large firms barely respond to monetary policy) and a state-dependence to the current tightness of constraints.