effectiveness of monetary policy can be linked to weaker responses of credit costs, suggesting a financial accelerator mechanism … aggregate shocks and the financial accelerator more effective. On the contrary, in high volatility periods banks decrease … leverage, which renders the financial accelerator less effective; this in turn decreases the ability of monetary policy to …

reserve-rich banks’ credit supply is less sensitive to the monetary policy tightening compared to other banks. The effect …

German credit register to show that asset scarcity had real effects: Banks more exposed to asset scarcity increased their … credit supply. …

This paper examines the relationship between central bank funding and credit risk-taking. Employing comprehensive bank …-firm-level data from the German credit registry during 2009:Q1-2014:Q4, we find that borrowing from the central bank is associated …

frictions prevail. We modify a standard financial accelerator model à la Bernanke, Gertler, and Gilchrist (1999) and allow for …