Amplification of equity financing constraint

The Equity Constraint Channel of Monetary Policy

Using a measure of equity and debt financial constraint, we show that equity frictions are central to understanding the transmission of monetary policy to the corporate sector.

August 2026 · Heitor Almeida, Timothy Johnson, Sebastiao Oliveira, Yucheng Zhou
Heterogenous transmission to household debt

Rates Up, Balances Up: Uneven Transmission of Monetary Policy in Consumer Credit Markets

Using consumer credit recrods, we show that monetary tighening increases household debt, particularly among financially constrained borrowers.

March 2026 · Viraj Chordiya, Divij Kohli, Justin Mohr, Yucheng Zhou