SAN FRANCISCO, California, July 28 (TNSLrpt) -- The Federal Reserve Bank of San Francisco issued the following white paper (No. 2026-13) on July 17, 2026 by Michael Bauer, Alexander Czarnota and Mathias Klein entitled "Prices and Monetary Policy: The Role of Financial Constraints."

Here is the abstract:

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Firm heterogeneity in financial constraints is a quantitatively important driver of how monetary policy transmits to inflation. Using detail . . .

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