Published American Economic Review Online 1 Feb 2026 Published Feb 2026Financial Frictions: Micro versus Macro VolatilityRenato Faccini · Seungcheol Lee · Ralph Luetticke · Morten O. Ravn · Tobias RenkinHow do consumer credit spreads — the gap between household borrowing rates and deposit rates — affect aggregate business cycle dynamics and the distribution of consumption across the wealth …