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bound is not a binding constraint. This could be one possible explanation as to why a country like Japan experienced much …
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We present new evidence on how heterogeneity in banks interacts with monetary policy changes to impact bank lending, at … both the bank and U.S. state levels. Using an exogenous policy measure identified from narratives on FOMC intentions and … real-time economic forecasts, we find much stronger dynamic effects and greater heterogeneity in U.S. bank lending …
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inscribed in Regulation Q on the transmission of federal funds rate changes to bank level credit growth using a historic bank … ceiling. Interaction terms with monetary policy suggest that the policy impact on bank level credit growth was non-linear at … the ceiling “kink” and significantly larger when rate ceilings were in place. At the bank level, short-term interest rates …
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Dallas, Texas, April 19, 2007 ; "The one thing that is so engrossing about Japan is that the more you experience it …
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Studies that estimate the Phillips curve for the U.S. use mainly national-level data and find mixed evidence of nonlinearity, with some recent studies either rejecting nonlinearity or estimating only modest convexity. In addition, most studies do not make a distinction between the relative...
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