Rates Up, Balances Up: Uneven Transmission of Monetary Policy in Consumer Credit Markets
This paper looks into the heterogeneous transmission of monetary policy to households’ debt balance.
A Macro-Finance Model of Capital Reallocation and Misallocation
Developing a DSGE model with heterogeneous investors facing financial frictions to study capital reallocation and misallocation.
The Equity Constraint Channel of Monetary Policy
This paper highlights the role of the equity financing constraints in the transmission of monetary policy.
Beliefs Heterogeneity and the Equity Term Structure
This paper studies a general equilibrium model with heterogeneity in both risk aversion and beliefs about the expected growth rate of the aggregate endowment.