The amount of credit in the economy is a heterogeneous aggregate that can be analyzed across different dimensions …. Considering such dimensions provides insights into the effect of monetary policy interventions because the credit components are …

shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high … MPCs amplify the investment response in the data. This force also generates a procyclical response of consumption to … investment shocks, leading our model to infer a central role for these shocks as a source of business cycles …

equilibrium, general-equilibrium effects overturn this result: a monetary expansion increases the investment of high …

administrative credit panel data, we show that the payment pause led to a sharp drop in student loan payments and delinquencies for … borrowers subject to the debt moratorium, as well as an increase in credit scores. We find a large stimulus effect, as borrowers … to increase borrowing on credit cards, mortgages, and auto loans rather than avoid delinquencies. The effects are …

bank and a crowdlending platform and show that the entry of crowdlending can induce a switching effect as well as a credit …