Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets

• 成果类型: Article
• 署名作者: Indarte, Sasha
• 署名单位: University of Pennsylvania
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad036
• 发表日期: 2023
• 页码: 4045
• 关键词: interest-rates; channel; identification; Heterogeneity; consumption; surprises; prices; COSTS; say

摘要

How does creditor health affect the pass-through of monetary policy to households? Using data on the universe of U.S. credit unions, I document that creditor asset losses increase the sensitivity of consumer credit to monetary policy. Identification exploits plausibly exogenous variation in asset losses and high-frequency identification of monetary policy shocks. Weaker lenders can respond more if they face financial frictions that easing alleviates. The estimates imply constraints on monetary policy become more costly in financial crises featuring creditor asset losses and that an additional benefit of monetary easing is that it weakens the causal, contractionary effect of asset losses. Authors have furnished an , which is available on the Oxford University Press Web site next to the link to the final published paper online