An entrepreneur chooses a relationship bank or market finance. The advantage of bank finance is that the quality of the … that the bank continues inefficient projects, i.e., zombie lending occurs. In the short run - for a given contract - a drop … in the market interest rate increases zombification. The bank adapts the contract to this drop in the long run, and …

Every monetary policy decision by the Reserve Bank of New Zealand (RBNZ) is accompanied by a written statement about … that only include written statements. We interpret our results as implying that central bank communication is important …

We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset … curve and a credit wedge in the IS curve. The “divine coincidence” holds with the nominal short-term rate and central bank …

This paper examines the role of central bank governors in monetary policy decisions taken by a committee. To carry out …

about the pass-through of monetary policy. On the one hand, negative rates could lead to declining bank profitability making … interest rates per se. This paper uses a large micro level data set of the German bank universe to examine how banks behave in … this uncharted territory. The evidence found suggests that bank’s business model, i.e. the share of overnight deposits …

In this paper we analyse the bank merger between DnB and Gjensidige Bank in 2003, ranked by market share as number one … and number three in the Norwegian bank market. Focusing on loans to firms, our difference-in-differences analysis shows no …

over time. In our theory, repo market fragilities are associated with endogenous fluctuations in trade probabilities …