The Macroeconomic Consequences of Capital Constraints

Daniele Caratelli, Jacob Lockwood, Robert Mann and Kevin Zhao

No 26-01, Working Papers from Office of Financial Research, US Department of the Treasury

Abstract: Countercyclical capital constraints allow banks to provide additional credit to consumers during recessions, smoothing consumption volatility (Working Paper no. 26-01).

Date: 2026-01-22
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