Debt aversion and the Transmission of Monetary Policy

Last registered on June 12, 2026
View Trial History

Pre-Trial

Trial Information

General Information

Title
Debt aversion and the Transmission of Monetary Policy
RCT ID
AEARCTR-0018779
Initial registration date
June 02, 2026

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
June 12, 2026, 11:46 AM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

There is information in this trial unavailable to the public. Use the button below to request access.

Request Information

Primary Investigator

Name
Lukas Hack
Affiliation
ETH Zurich / University of Mannheim
Contact Primary Investigator

Other Primary Investigator(s)

PI Name
Thomas Meissner
PI Affiliation
Maastricht University
Contact Investigator
PI Name
Davud Rostam-Afschar
PI Affiliation
University of Mannheim
Contact Investigator
PI Name
David Albrecht
PI Affiliation
WZB Berlin Social Science Center
Contact Investigator

Additional Trial Information

Status
In development
Start date
2026-06-03
End date
2028-12-31
Keywords
Finance & Microfinance, Firms & Productivity
Additional Keywords
monetary policy, preferences, debt aversion, interest rates, investment, debt
JEL code(s)
C90, D22, D22, E52
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
We study how monetary policy transmits to firms' beliefs, expectations, and plans and how this transmission is shaped by the preferences of firm executives. We do so via a customized survey among firms in the Netherlands that allows us to apply both event study and RCT methods.
External Link(s)

Registration Citation

Citation
Albrecht, David et al. 2026. "Debt aversion and the Transmission of Monetary Policy." AEA RCT Registry. June 12. https://doi.org/10.1257/rct.18779-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
We provide a random subset of survey participants with publicly available macroeconomic information, including information about past monetary policy decision of the ECB.
Intervention Start Date
2026-06-03
Intervention End Date
2028-12-31

Primary Outcomes

Primary Outcomes (end points)
Perceptions, plans, and expectations of: interest rates, CPI inflation, real GDP growth, debt, investment, new orders, sales prices.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
We provide a random subset of survey participants with publicly available macroeconomic information, including information about past monetary policy decision of the ECB.

Experimental Design Details
Not available
Randomization Method
Randomization done in office by a computer.

Randomization Unit
Survey participant, i.e., managers of firms.
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
We expect 2000-5000 respondents (managers) per wave.

Sample size: planned number of observations
We expect 2000-5000 respondents (managers) per wave, i.e., 1 respondent per cluster This is based on a random sample of about 30% of the target population. If we have sufficient capacity we may extent the sample in the future, which can possibly increase the number of respondents.
Sample size (or number of clusters) by treatment arms
between 1000-2500 respondents per treatment arm, pooling across modes of participation
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
Ethical Review Committee Inner City Faculties (ERCIC, Maastricht University))
IRB Approval Date
2026-05-25
IRB Approval Number
ERCIC_846_07_05_2026_Meissner
Analysis Plan