@article{Wright:263780,
      recid = {263780},
      author = {Wright, Julian},
      title = {Credit Frictions, Debt Choice and the Transmission of  Monetary Policy},
      address = {1996-11-01},
      number = {2008-2017-4898},
      series = {9609},
      pages = {34},
      year = {1996},
      abstract = {This paper presents a model where shocks to interest  rates, company earnings and the earnings of financial  intermediaries all affect the investment of small but not  large firms. These shocks also affect the extent of  financial intermediation and companies' debt choice.  Evidence from micro and macro data supports the model's  predictions. I show that shocks which work by weakening the  financial position of firms can explain a sizeable part of  the growth slowdown in recessions. Conversely, I show that  shocks which work by restricting the ability of financial  intermediaries to lend are not significant. Consistent with  this I find little evidence of a bank lending channel.},
      url = {http://ageconsearch.umn.edu/record/263780},
      doi = {https://doi.org/10.22004/ag.econ.263780},
}