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...