address the following questions. How are macroeconomic shocks transmitted to bank risk and other banking variables? What are … the sources of bank heterogeneity, and what explains differences in individual banks’ responses to macroeconomic shocks …? Our paper has two main findings: (i) Average bank risk declines, and average bank lending increases following expansionary …

transmission of monetary policies of the United States, the euro area, Japan, and the United Kingdom. Two other studies use …, especially for U.S. policies, and bank-specific heterogeneity influences the magnitudes of transmission. The effects are … supportive of the international bank lending channel and the portfolio channel of monetary policy transmission. They also show …

transmission of monetary policies of the U.S., euro area, Japan, and United Kingdom. Two other studies use international data with ….S. policies, and bank-specific heterogeneity influences the magnitudes of transmission. The effects are supportive of the … international bank lending channel and the portfolio channel of monetary policy transmission. They also show that the frictions that …

welfare gain associated with making the central bank less conservative than society, however if the outside option is in real … of central bank conservatism. …

distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary …

The empirical literature on central banking has found measures of central bank independence/conservatism to be …. We find that an increase in central bank conservatism leads to higher short-term interest rates and a more activist … economy, higher output and somewhat lower inflation. We also investigate the interaction between the central bank and the …

. Using this framework, we show conditions under which idiosyncratic shocks to bank lending can generate aggregate … sector for many countries is indeed granular, as the right tail of the bank size distribution follows a power law. We then … concentration is associated with a positive and significant relationship between bank-level credit growth and aggregate growth of …

right tail of the bank size distribution follows a power law. Also, the presence of big banks as measured by high market …