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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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Shocks emanating from and propagating through the banking system have recently gained interest in the macroeconomics … literature, yet they are not a feature unique to the 2008/09 financial crisis. Banking disintermediation shocks occured … inscribed in Regulation Q on the transmission of federal funds rate changes to bank level credit growth using a historic bank …
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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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