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Estimating the Natural Rate of Interest: A SVAR Approach
Brzoza-Brzezina, Michal - EconWPA - 2003
returns plausible results and thus seems to be well designed for the estimation of the natural rate of interest. We show that …
Persistent link: https://www.econbiz.de/10005076765
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Three Financing Constraint Hypotheses and Inventory Investment: New Tests With Time and Sectoral Heterogeneity
Carpenter, Robert E.; Fazzari, Steven M.; Petersen, Bruce C. - EconWPA - 1995
Over the last decade, research has shown that financing constraints have an important impact on many aspects of firm behavior and aggregate fluctuations. This paper undertakes a critical comparison of the three main financing constraint hypotheses- -the bank lending, collateral, and internal...
Persistent link: https://www.econbiz.de/10005126449
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Industry Effects of Monetary Policy in Germany
Hayo, Bernd - EconWPA - 1999
This paper is on monetary policy transmission. First, it asks the question whether industries are affected differently by monetary policy shocks. Here both output and price effects are compared. Second, some industry characteristics are explored which may help to understand the existence of...
Persistent link: https://www.econbiz.de/10005561233
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Monetary policy, credit and aggregate supply: the evidence from Italy
Fiorentini, R.; Tamborini, R. - EconWPA - 2000
This paper relates to the macroeconomic and monetary policy aspects of the so-called "credit channel" of monetary … financed by bank credit, and then we use it to identify the credit transmission mechanism in data drawn from the Italian … economy. We find evidence that the "credit variables" identified by the model, the overnight rate and a measure of credit risk …
Persistent link: https://www.econbiz.de/10005119371
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Monetary Policy Shocks in a Tri-Polar Model of Foreign Exchange
Melecky, Martin - EconWPA - 2005
This paper investigates effects of third-currency monetary policy shocks on exchange rates. For this purpose we setup a structural VAR model containing the exchange rates of the three major currencies – the U.S. dollar, the euro and the Japanese yen – and short-term interest rates on the...
Persistent link: https://www.econbiz.de/10005125529
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The Information Content of the Natural Rate of Interest: The Case of Poland
Brzoza-Brzezina, Michal - EconWPA - 2004
Poland. I show how the NRI can yield important information for a central banker. First, estimation of the NRI can be helpful …
Persistent link: https://www.econbiz.de/10005561162
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The Price Puzzle: Fact or Artefact?
Castelnuovo, Efrem; Surico, Paolo - EconWPA - 2005
positive response of prices to a monetary policy shock is historically limited to the subsamples associated with a weak central … never generates on impact a positive inflation response to a policy shock. The omission in the VARs of a variable capturing …
Persistent link: https://www.econbiz.de/10005561209
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La puissance publique promoteur de nouveaux modèles d’aide à la décision de financement
Levratto, Nadine; Paranque, Bernard - EconWPA - 2004
This paper aims at showing how the state may be an example in evaluation firms' quality. We develop this idea referring to a concrete experimental tool developed by the French Small Business Administration.
Persistent link: https://www.econbiz.de/10005134732
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Finance and the Business Cycle: International, Inter-industry Evidence
Braun, Matias; Larrain, Borja - EconWPA - 2004
By considering yearly production growth rates for several manufacturing industries in more than one hundred countries during (roughly) the last forty years, we show that industries that are more dependent on external finance are hit harder during recessions. The observed difference in the...
Persistent link: https://www.econbiz.de/10005561668
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Monetary Transmission in the Euro Area: A Factor Model Approach
Sala, Luca - EconWPA - 2002
(Forni-Reichlin (1998)). This technique allows to extract the common European monetary shock and to compute country … credit channel. …
Persistent link: https://www.econbiz.de/10005076808