answers and can be used to estimate market power and pass through rates. I show that even a naive one-sided model that ignores …

shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high … MPCs amplify the investment response in the data. This force also generates a procyclical response of consumption to … investment shocks, leading our model to infer a central role for these shocks as a source of business cycles. …

The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the … substitute real investment by financial investment. When interest rates are expected to fall in the long term, the marginal and …

Germany prides itself in having one of the most successful central banks and currencies with respect to independence …

. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of …

efficiency of investment as well as to declining fixed capital investment due to digitalization (secular stagnation). In contrast …, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … stimulate growth. This paralyzed investment and growth in the long term. We show that the ability of banks to extend credit ex …

rest of the world. International cooperation benefits other countries by improving global demand for dollar-invoiced goods …