I use loan-level data from the syndicated loan market in the U.S. to investigate how monetary policy affects banks' sensitivity to risk. Using loan-level data and banks' sensitivity to risk enables me to identify the risk-taking channel and disentangle it from other monetary channels. I show...

This paper studies the impact of geographic banking restrictions on monetary policy transmission. Exploiting the staggered deregulation of U.S. banking from the late 1970s to the early 1990s, we find that interstate deregulation signifi cantly increased the responsiveness of bank lending to...

We investigate how supply chain conditions influence the transmission of monetary policy. Using a nonlinear local projection framework and a new index of supply chain conditions, we find that greater pressure on supply chains amplifies the standard effects of monetary policy on key macroeconomic...