Corporate Debt Maturity and Monetary Policy

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changing channel character characteristics charles choi choice choose chooses choosing class clear clearly click close clustered coeﬃcient coeﬃcients column columns com combine comove companies comparable compared comparison component components composite composition comprehensive compression conclusion concurrence condition conditions confounding conjecture conjunction consensus consider considerations considered consistently constant constitute constitutes constrained constraining constraints consumption contain contained content contract contracting contracts contrast contrasts contributing control controlled controls conventional conventions cooper corporate corporations correspond corresponding corresponds cost costs could course covenants cover credit creditworthy crisis cross crump curve cycle d dampen dan data dated decided decision decisions decline declined declines decomposed decomposition decrease decreased default degree demand demonstrated denote denotes denoting dependent depending depicts detail details determination determine deviate deviation deﬁne deﬁned diamond dicate different dimension dimensions dip direct directly disclaimer discounting discusses discussion discussions disparate distinction distress distributed distributing dividends diﬀer diﬀerence diﬀerences diﬀerent diﬀerential diﬀerently diﬀers diﬃcult document does dont downturn downturns drive driven driver due during dysfunction e[ each ease easier easing economic economics economist economy effects eight either elicit else email embedded empirical employment end endogenous enjoy enough entirely enumerated environment equal equally equation equilibrium era eric errors especially essentially established estimate estimated estimates et even eventual evidence ex examine example exceeded excellent except exclude excluding exogenous expect expectation expectations expected expects expenditures explain explanatory exploit explores expressed extend extended extends extension extent extra extreme eﬀect eﬀective eﬀects eﬀort eﬃcacy fact factor factors fairly falk fall falls far fe features featuring fed federal feds ffr fg figure fillat@bos fillatis financial find findings firm firm*bond firm*security firms first fitted focus follow followed forward four fourth fraction frankie frb free freely frequently fuel full fundamental funding funds further future g gauge general generally generate geoff get giovanni given great greater greenwood group grown gss guidance gurkaynak habitat" hackbarth had half hand hanson hard has have having heightened held help helpful helps hence her here herein heterogeneity heterogeneous high highlights highly hiring his hitting hold holding holdings how however href=http href=mailtochristina href=mailtofalk href=mailtojose hypothesis id=public identiﬁed if ignoring illustrate illustrates impact implemented implies imply important improved improves in incentive include includes including increase increased increases indicate indirect indirectly individual induce induced inducing inertia inflation information insensitive insigniﬁcant instance instead institutions instrument instrumental instrumented instrumenting instruments insurance insurers insuﬃcient intangibles intended interaction interest interesting interestingly international into introduction intuition intuitive investing investment investors inﬂuence inﬂuencing iq is isolate issuance issue issued issuer issuers issues issuing istics it its iv j joe joint jointly jose journal just k keep key kim kleibergen knoodlsenglish l lack lagged large largely larger largest last latest laying lead leads least lend lender lenders less level leverage leveraged liability lifespan likely likewise limitations lin linear link liquidity little loadings loan loans log logs long longer louder low lower lowering lowers lsap macro made magnitude mainly make makes making many marginally market markets match matched matter maturities maturity" may mean measure measured measures measuring mechanically mechanism mechanisms median methodology microdata minimal minimally minimize minimizing model models modest moench more moreover most mostly move moving much multiple must muted narrower national nearly need needs negative negotiate nevertheless new newly next nine no nonetheless nontrivial nonﬁnancial noodls not note noted notes notfrontpage noticeable nuanced number objective obs observations observe observed obtained occur occurred often olivei omitted on once one onfed only operated operating operations operator opposed optimal optimize options or order org orgchristina orgfalk orgjose original other otherwise our ous outcome output outside outsize over overall overheating overnight ozdagli oﬀer oﬀset paap paid panel paper par paragraph parenthe parentheses part partially participants particular particularly partly pattern pay pays peak peek people per percent percentage perhaps period period; periods perkins permalink persistent phase plan plotted plugging plus point points policies portfolio positive possible possibly potential power pre precise predicted prefer preference premia premium present presented presents pressrelease prevailed prevailing prevent previ previous price prices pricing principals principle private probability probably program project pronounced proper properties provide providing proﬁle proﬁles published purchases quality quarter quarterly quarters r raising random rate rates rather rating reach reaching react reaction reactions reading real reality rearranged reason reasons recession recognize recognizing redeﬁned reduce reduced reduces reduction references refers regarded regarding regardless regime regimes regress regression regressions relationship relative relatively relevant relief reluctant remains remarkably removed replace report reported reports represents require research reserves resource respectively respond responds response responses responsible rest restricted result resulting returns review reﬁnance reﬁnancing reﬂects rf rhs rise rises risk riskier riskiness risky robust robustly roll rollover rolls room rp runs s&p sack safe sam same sample scale scenario second section sectional sector security seemed seen segment segments selection senior sensitive ses setup several shape share shares sharing sheet shift shifts shock shocks short shorten shortening shorter should show shown shows shrinks side sign significance significantly signifies signiﬁcance signiﬁcant signiﬁcantly signiﬁes similar simple simplify simpliﬁed simultaneity since single situation six size sizes slack slightly slope small smaller so solely some somewhat source speak speciﬁc speciﬁcally spending split spread spread; spreads spreadt squared stable stage standard standing stark stat state statements statistically stay steep steepening step still stimulate stimulates stimulus stipulates strong stronger strongly structure studies study suance sub subsamples subsequent substitute substitutes such suggest suggestive suggests sum supply supports surprises surprising swanson switch switching syndicated system systematic systematically table take taken taking tend tended tends tenor tentative term termrates terms test than thank them then there therefore therein these they things this those though three through throughout thus ticular tied tighten tightening tighter time times to together too tootell total toward tp tpr transmission transmitted transmitting treasuries tugendhaft turmoil turn turning turns two type typical unaltered unchanged unconventional under understand understanding unedited unexpected unknown unrated unreported updated us usa use used uses using usually utc utilization value values variable variables variation variations vector versa version versus vice view views vital volume w wang@bos wangis want was we weaker weighted well were when where whereas whereby whether which while whose why will willing with within without words work workers working worry worth would wright wrong www year years yes yields zechner zero zlb zone" · ǫi βδterm γxi δ δterm δyi − ∼ ﬁnanced ﬁnancial ﬁnancing ﬁnd ﬁnding ﬁndings ﬁnds ﬁrm ﬁrm ﬁrms ﬁrms ﬁrms ﬁrms ﬁrst ﬁtted ﬁve ﬁxed ﬂatten ﬂattening ﬂatter ﬂexible ﬂow " /> Corporate Debt Maturity and Monetary Policy - Worldnews.com