Oliver Giesecke

Ph.D. candidate in Finance and Economics, Columbia Business School

Ph.D. candidate in Finance and Economics,

Columbia Business School


Contact Information

Columbia Business School

3022 Broadway, New York, NY 10027

o.giesecke [@] columbia.edu

WORKING PAPERS

“The Bond Lending Channel of Monetary Policy” (with Olivier Darmouni and Alexander Rodnyansky)

Corporate bond markets are a growing source of funding for companies throughout the world. How does a firm’s debt structure affect the transmission of monetary policy? This paper sheds light on a new corporate finance mechanism in which monetary policy disproportionately impacts bond- financed firms because bonds have higher costs of financial distress relative to bank loans. We present high-frequency evidence consistent with this channel in the euro area: firms with more bonds are more affected by surprise monetary actions than their counterparts. This finding stands in contrast to the predictions of a standard bank lending channel and suggests that bond financing is not a frictionless "spare tire."


RESEARCH PAPERS IN PROGRESS

“Policy Preferences: A Computational Linguistic Approach” (with Anand Chitale, Lea Frermann and José Luis Montiel Olea)