Several methods have been proposed in recent years to provide bounds on the Lipschitz constants of deep networks, which can be used to provide robustness guarantees, generalization bounds, and characterize the smoothness of decision boundaries. However, existing bounds get substantially weaker with increasing depth of the network, which makes it unclear how to apply such bounds to recently proposed models such as the deep equilibrium (DEQ) model, which can be viewed as representing an infinitely-deep network. In this paper, we show that monotone DEQs, a recently-proposed subclass of DEQs, have Lipschitz constants that can be bounded as a simple function of the strong monotonicity parameter of the network. We derive simple-yet-tight bounds on both the input-output mapping and the weight-output mapping defined by these networks, and demonstrate that they are small relative to those for comparable standard DNNs. We show that one can use these bounds to design monotone DEQ models, even with e.g. multi-scale convolutional structure, that still have constraints on the Lipschitz constant. We also highlight how to use these bounds to develop PAC-Bayes generalization bounds that do not depend on any depth of the network, and which avoid the exponential depth-dependence of comparable DNN bounds.