Chen, Yong; Han, Kaiming; Liu, Dingming - 2023
This paper examines the impact of monetary policy shocks on credit bond yields in China. We find that, before 2014, a … monetary policy loosening led to decreased bond yield dispersion, consistent with credit channel theory. However, after 2014, a … responsiveness among bonds with lower credit ratings during this period. Further analysis reveals significantly weaker responses …