{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,25]],"date-time":"2026-04-25T11:19:42Z","timestamp":1777115982651,"version":"3.51.4"},"reference-count":40,"publisher":"Oxford University Press (OUP)","issue":"2","license":[{"start":{"date-parts":[[2022,6,25]],"date-time":"2022-06-25T00:00:00Z","timestamp":1656115200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/academic.oup.com\/pages\/standard-publication-reuse-rights"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2023,1,20]]},"abstract":"<jats:title>Abstract<\/jats:title>\n               <jats:p>We show that production networks are important for the transmission of unconventional monetary policy. Firms with bonds eligible for purchase under the European Central Bank\u2019s Corporate Sector Purchase Program act as financial intermediaries by extending additional trade credit to their customers. The increase in trade credit is pronounced from core countries to periphery countries and for financially constrained customers. Customers then increase investment and employment in response to the increased trade financing, whereas suppliers expand their customer base, contributing to upstream industry concentration. Our findings suggest that trade credit redistributes the effects of monetary policy across regions and firms.<\/jats:p>","DOI":"10.1093\/rfs\/hhac040","type":"journal-article","created":{"date-parts":[[2022,6,25]],"date-time":"2022-06-25T12:57:42Z","timestamp":1656161862000},"page":"775-813","source":"Crossref","is-referenced-by-count":72,"title":["Trade Credit and the Transmission of Unconventional Monetary Policy"],"prefix":"10.1093","volume":"36","author":[{"given":"Manuel","family":"Adelino","sequence":"first","affiliation":[{"name":"Duke University , CEPR, and NBER, USA"}]},{"given":"Miguel A","family":"Ferreira","sequence":"additional","affiliation":[{"name":"Nova School of Business and Economics , CEPR, and ECGI, Portugal"}]},{"given":"Mariassunta","family":"Giannetti","sequence":"additional","affiliation":[{"name":"Stockholm School of Economics , CEPR, and ECGI, Sweden"}]},{"given":"Pedro","family":"Pires","sequence":"additional","affiliation":[{"name":"Nova School of Business and Economics , Portugal"}]}],"member":"286","published-online":{"date-parts":[[2022,6,25]]},"reference":[{"key":"2023012008000994200_B1","doi-asserted-by":"crossref","DOI":"10.2139\/ssrn.3165372","article-title":"Who benefits from the corporate QE? 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