NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Pedro Pires

Nova School of Business and Economics
Campus Carcavelos
Rua Holanda, 1
Carcavelos
Portugal

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: Nova School of Business and Economics

NBER Working Papers and Publications

May 2020Trade Credit and the Transmission of Unconventional Monetary Policy
with Manuel Adelino, Miguel A. Ferreira, Mariassunta Giannetti: w27077
We show that trade credit in production networks is important for the transmission of unconventional monetary policy. We find that firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program act as financial intermediaries and extend more trade credit to their customers. The increase in trade credit flows is more pronounced from core countries to periphery countries and towards financially constrained customers. Customers increase investment and employment in response to the additional financing, while suppliers with eligible bonds increase their customer base, potentially favoring upstream industry concentration. Our findings suggest that the trade credit channel of monetary policy produces heterogeneous effects on regions, industries, and fi...
 
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