Financial Technology and the Transmission of Monetary Policy: The Role of Social Networks

Financial Technology and the Transmission of Monetary Policy: The Role of Social Networks

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Financial Technology and the Transmission of Monetary Policy: The Role of Social Networks

Financial technology-based (FinTech) lending is expected to ease U.S. mortgage market frictions that have weakened the transmission of monetary policy to households. This paper establishes that social networks play a key role in consumers’ adoption of FinTech lending, which amplifies the effects of a monetary stimulus.

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