Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets
利用美国信用合作社数据，研究发现债权人资产损失会增强消费信贷对货币政策的敏感性，表明金融危机中货币政策传导受限，而宽松政策可缓解资产损失的紧缩效应。
Abstract How does creditor health affect the pass-through of monetary policy to households? Using data on the universe of U.S. credit unions, I document that creditor asset losses increase the sensitivity of consumer credit to monetary policy. Identification exploits plausibly exogenous variation in asset losses and high-frequency identification of monetary policy shocks. Weaker lenders can respond more if they face financial frictions that easing alleviates. The estimates imply constraints on monetary policy become more costly in financial crises featuring creditor asset losses and that an additional benefit of monetary easing is that it weakens the causal, contractionary effect of asset losses. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online