Hülsewig, Oliver; Mayer, Eric; Wollmershäuser, Timo - CESifo - 2006
This paper presents a New Keynesian model that dwells on the role of banks in the cost channel of monetary policy …-type staggered price setting approach, which means that the adjustment of the aggregate loan rate to a monetary policy shock is …, frictions on the loan market influence the propagation of monetary policy shocks as the pass-through of a change in the money …