This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new light on the distributional consequences at both the individual and regional levels. We find that credit supply factors, specifically restrictions on the debt-to-income (DTI)...

We examine the transmission of international monetary policy shocks through the bank-lending channel. Exploiting a panel of data on Australian Authorized Deposit-Taking Institutions (ADIs), we show that the supply of credit is vulnerable to an international pass-through of monetary policy by...

In this paper, we propose a novel measure of uncertainty based, unlike previous measures, solely on credit market information and on an extensive CDS dataset. More specifically, we use the CDS monthly time-series data of 225 corporate firms to construct a time-varying measure of credit market...

This paper studies bank competition with borrower adverse selection. In the model, expected non-performing loan costs are high when credit is granted in booms, when risk free rates are low, or when competition is strong. I prove that full competition is suboptimal due to this last effect; that...

This paper studies strategic decision making by a private currency ledger operator, which faces competition from public money and/or other ledgers. A monopoly ledger operator can incentivize contract enforcement across the financial sector by threatening exclusion, but it can also impose markups...

This paper considers a two-period model of endogenous human capital formation under the credits-market imperfection and uncertainty assumptions. We compare in the first part of the paper ex-ante and ex-post general-equilibrium effects of the education subsidy policy to those of the negative...