We examine the transmission of monetary policy shocks to the long-duration liabilities of households and firms using high-frequency variation in 10-year swap rates around FOMC announcements. We find that four weeks after the announcement mortgage rates move one-for-one with 10-year swap rates,...

This dissertation contains two chapters. In Chapter 1, I combine randomized controlled trials with transaction-level data and survey data, I show that credit-limit extensions significantly increase consumer expectations about their future income without increasing realized income. A one-dollar...