. Using a bidder level dataset of the European Central Bank’s main repo auctions, however, we find evidence that the economic …

-09, divided into three groups: interest rate policy, quantitative policy, and credit policy. To interpret interest rate policy, it … Friedman rule can be implemented by paying interest on reserves. To interpret credit policy, the paper presents a new model of …-to-market accounting. The model suggests that providing credit to traders in securities markets is a more effective response than extending …

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This … paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of …

In this Paper, we examine bank lending decisions in an economy with spillover effects in the creation of new investment … opportunities and asymmetric information in credit markets. We show that such features may lead to strategic considerations in the … one bank does set a lower interest rate to capture a larger market, it may simultaneously reduce its lending. Our results …

that contains detailed credit-file information on distressed lending relationships in Germany, including information on …

: the borrowers' higher effort levels raise current profits (while each bank retains an informational advantage), but the …

credit-fie information on distressed lending relationships in Germany. In particular, it includes information on bank pools …In the recent theoretical literature on lending risk, the common pool problem in multi-bank relationships has been … bank pools increases the probability of workout success and that coordination costs are positively related to pool size. We …

behavior following monetary policy shocks. In a first step, we show that the sensitivity of bank profits to interest rates … income gap also predicts the sensitivity of bank lending to interest rates, both for commercial & industrial loans and for … mortgages. Quantitatively, a 100 basis point increase in the Fed funds rate leads a bank at the 75th percentile of the income …