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This paper contributes to a better understanding of the important role that credit demand plays for credit markets and … structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian … identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional …
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We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock component and a central bank information shock component. We identify both components using changes in interest rate futures and in exchange rates around monetary policy...
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