stronger in the sovereign debt crisis. Moreover, the interbank market – unlike other credit markets – allows to exploit the … price dispersion from different lenders on identical credit contracts, i.e. overnight uncollateralized loans in the same …

the distribution of risk via credit supply. For identification, we exploit exhaustive US loan-level data since the 1990s …, borrowerlender relationships and Gertler-Karadi monetary policy shocks. Higher policy rates shift credit supply from banks to …, higher policy rates increase risk-taking, as less-regulated, fragile nonbanks -in all credit markets- expand supply to …

We document the redistributive effects of monetary policy on labor market outcomes via the credit channel. For … identification, we exploit matched administrative datasets in Portugal — employee-employer and credit registers — and monetary policy … do not find any redistributive effects for firms without bank credit …