国际清算银行：量化宽松和紧缩政策对企业有何影响？（英文版）

We examine the effects of the Federal Reserve's quantitative easing (QE) and quantitative tightening (QT) policies on firm-level financing and real economic outcomes. We construct a novel time series of maturity-specific balance sheet shocks to look at how firms adjust their debt structure, investment and employment in response to central bank interventions targeting different segments of the yield curve.