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On the German monetary transmission mechanism : interest rate and credit channels for investment spending

Chirinko, Robert S.; Kalckreuth, Ulf von - 2003

The transmission channels through which monetary policy affects business investment remain opaque. This paper examines … the importance of the interest rate and credit channels on business fixed investment in Germany. We have at our disposal …

Persistent link: https://www.econbiz.de/10011514118

Pass-through of cost-push shocks

Gödl-Hanisch, Isabel; Menkhoff, Manuel - 2023

This paper examines the pass-through of cost-push shocks to customers at a granular level. Using unique firm-level survey data, we document five facts about pass-through across firms, sectors, and over time. We highlight a new channel relevant for pass-through: beliefs about the expected...

Persistent link: https://www.econbiz.de/10014306740

The European Central Bank's QE : a new hope

Wieladek, Tomasz; Garcia Pascual, Antonio - 2016

We examine the impact of the ECB's QE on Euro Area real GDP and core CPI with a Bayesian VAR, estimated on monthly data from 2012M6 to 2016M4. We assess the total impact via a counter-factual exercise, country-by-country and through alternative transmission channels. QE anouncement shocks are...

Persistent link: https://www.econbiz.de/10011488021

The curse of flexibility under uncertainty

Kara, Engin - 2025

How firms respond to uncertainty determines economic policy effectiveness. Using Brexit as a natural experiment, I document that flexible price-setters - those most responsive to monetary policy - paradoxically reduce adjustment more than sticky firms under uncertainty. This "curse of...

Persistent link: https://www.econbiz.de/10015462414

Bank's risk-taking channel of monetary policy and TLTRO : evidence from the eurozone

Afonso, António; Ferreira, Jorge Braga - 2024

Using a panel data approach with bank-fixed effects, we study the impact of Targeted Longer-Term Refinancing Operations (TLTRO) on banks’ risk, given by their distance to default (DtD). The study aims to determine if the liquidity from TLTROs influences banks’ risk-taking behaviour. For the...

Persistent link: https://www.econbiz.de/10014533785

Micro jumps, macro humps : monetary policy and business cycles in an estimated HANK model

Auclert, Adrien; Rognlie, Matthew; Straub, Ludwig - 2020

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. …

Persistent link: https://www.econbiz.de/10012154622

Monetary policy shocks and firms' investment decisions

Abberger, Klaus; Rathke, Alexander; Sarferaz, Samad; … - 2025

We study the investment channel of monetary policy through a randomized survey experiment, exposing Swiss firms … - uncontaminated by information effects - and records firms' revisions to investment plans and financing choices. We find pronounced … firm size, sector, export intensity, and investment types. Investment financing shapes the response: reliance on internal …

Persistent link: https://www.econbiz.de/10015455483

The interest rate pass-through in the Euro area during the global financial crisis : conference paper

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2013

This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro area banks to the global financial crisis. We focus on their interest rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding is...

Persistent link: https://www.econbiz.de/10010338974

A theory of price adjustment under loss aversion

Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014

We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains from price decreases of equal magnitude. Price...

Persistent link: https://www.econbiz.de/10010354159

Trade costs in services : firm survival, firm growth and implied changes in employment

Christen, Elisabeth; Pfaffermayr, Michael; Wolfmayr, Yvonne - 2019

This paper provides new insight into the firm-level employment impacts of trade cost changes at the industry level in the Austrian services sector. We apply a two-part model of firm survival (exit) and firm growth. Separate regressions for firm entry rates at the industry-region level complete...

Persistent link: https://www.econbiz.de/10012157327