Monetary Stimulus Amidst the Infrastructure Investment Spree: Evidence from China's Loan-Level Data

We study how a fiscal expansion via infrastructure investment influences the dynamic impacts of monetary stimulus on credit allocation. We develop a two-stage approach and apply it to the Chinese economy with a confidential loan-level dataset that covers all sectors. We find that infrastructure本研究探讨通过基础设施投资实施的财政扩张，如何影响货币政策刺激对信贷配置的动态效应。我们构建了两阶段分析框架，并结合覆盖全行业的机密级贷款层面数据集，将其应用于中国经济场景。我们发现，基础设施