Housing and mortgage debt are studied in a quantitative general equilibrium model. The
model matches wealth distribution, age profiles of homeownership and debt, and frequency …

The transmission of monetary policy to the economy is generally thought to have long and
variable lags. In this paper we quantitatively review the modern literature on monetary …

Are exogenous shocks to lending spreads in corporate credit markets a substantial source of
macroeconomic fluctuations? An alternative explanation of the data is that borrowing costs …

Financial innovation is widely believed to be at least partly responsible for the recent
financial crisis. At the same time, there are empirical and theoretical arguments that support …

Financial repression (legal restrictions on interest rates, credit allocation, capital movements,
and other financial operations) was widely used in the past but was largely abandoned in …

How did deposit interest rate ceilings, an important feature of the US regulatory regime until
the mid-1980s, affect individual banks' lending and the transmission of monetary policy to …

We show that severe credit crunches in the banking system contributed to the Great
Stagflation of the 1970s. The credit crunches were due to Fed tightening in the presence of a …

We examine whether the effectiveness of the monetary policy rate transmission differs
before and after interest rate liberalization in China using the autoregressive distributed lag …

We study the transmission mechanism of monetary policy through business loans and
illustrate subtle aspects of its functioning that relate to the contractual characteristics and the …

Numerous studies have found the term spread to be a significant predictor of future real
output growth. However, in the case of the US, the term spread's predictive power has …