This paper uses regression tree analysis to locate changes in the real interest rate process from the early 1950s to the early 1990s. We find important changes in the mean and variance of the process in 1972:Q4, 1980:Q1, and 1986:Q2. Removing the changing mean from the ex post real interest rate...

We study how monetary policy affects bank lending behavior with an unique database and an event-study approach. Using the daily frequencies of interest rates and new loans in our data as a source of identification, we estimate banks´ reactions to monetary policy committee (Copom) decisions and...