Choi, Woon Gyu; Kim, Yungsan - International Monetary Fund (IMF) - 2001
In contrast to conventional money demand literature, this paper proposes that monetary policy affects corporate … liquidity demand directly through a separate channel-what we call "the loan commitment channel." Upon persistent monetary policy … for firm characteristics, using U.S. quarterly panel data. The results indicate that when monetary policy is tightened, S …