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The interest rate and credit channel in Belgium: an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001
This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a …. First, we estimate a reduced-form investment equation derived from the neo-classical model, augmented by cash flow. This …
Persistent link: https://www.econbiz.de/10011604153
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Impact of bank competition on the interest rate pass-through in the euro area
van Leuvensteijn, Michiel; Sørensen, Christoffer Kok; … - 2008
This paper analyses the impact of loan market competition on the interest rates applied by euro area banks to loans and deposits during the 1994-2004 period, using a novel measure of competition called the Boone indicator. We find evidence that stronger competition implies significantly lower...
Persistent link: https://www.econbiz.de/10011604931
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Monetary transmission: empirical evidence from Luxembourg firm level data
Lünnemann, Patrick; Mathä, Thomas Y. - 2001
firms' investment ratio. Changes in user costs are significantly affected by changes in the monetary policy indicator. In … addition, firm specific balance sheet characteristics, such as the lagged cash stock to capital ratio influence the investment …
Persistent link: https://www.econbiz.de/10011604157
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Firms' investment decisions in response to demand and price uncertainty
Fuss, Catherine; Vermeulen, Philip - 2004
We estimate the effect of demand and price uncertainty on firms’ investment decisions from a panel of manufacturing … investment, while price uncertainty is insignificant. This is consistent with the behavior of monopolistic firms with … irreversible capital (Caballero, 1991). Further, firms revise their investment plans very little. They may do so in response to new …
Persistent link: https://www.econbiz.de/10011604393
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Explaining the Money Demand of Non-Financial Corporations in the Euro Area : A Macro and a Micro View
Martinez-Carrascal, Carmen - 2010
This paper analyses euro area non-financial corporations (NFC) money demand, both from a macro and a microeconomic point of view. At a macro level, money holdings are modelled as a function of real gross added value, the price level, the long-term interest rate on bank lending to non-financial...
Persistent link: https://www.econbiz.de/10013137587
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Panel Data Estimates of the Production Function and Product and Labor Market Imperfections
Dobbelaere, Sabien - 2007
Embedding the efficient bargaining model into the Hall (1988) approach for estimating price-cost margins shows that both imperfections in the product and labor markets generate a wedge between factor elasticities in the production function and their corresponding shares in revenue. This article...
Persistent link: https://www.econbiz.de/10012776545
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Investment, the cost of capital, and monetary policy in the nineties in France: a panel data investigation
Chatelain, Jean-Bernard; Tiomo, André - 2001
investment from 1990 to 1999 through the cost-of-capital and the cash-flow channels. We compare several specifications of neo …
Persistent link: https://www.econbiz.de/10011604152
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The ECB’s Non-Standard Monetary Policy Measures : The Role of Institutional Factors and Financial Structure
Cour-Thimann, Philippine - 2013
This paper aims to make two contributions: to review the ECB's non-standard monetary policy measures in response to the financial and sovereign debt crisis against the background of the institutional framework and financial structure of the euro area; and to interpret this response from a...
Persistent link: https://www.econbiz.de/10013084548
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Do Bank Loans and Credit Standards Have an Effect on Output? A Panel Approach for the Euro Area
Cappiello, Lorenzo - 2010
Applying the identification strategy employed by Driscoll (2004) for the United States, this paper provides empirical evidence for the existence of a bank lending channel of monetary policy transmission in the euro area. In addition, and in contrast to recent findings for the US, we find that in...
Persistent link: https://www.econbiz.de/10013149067
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A Non-Standard Monetary Policy Shock : The ECB’s 3-year LTROs and the Shift in Credit Supply
Darracq Pariès, Matthieu - 2013
The identification of non-standard monetary policy shocks is a key challenge for econometricians, not least as these measures are somewhat unprecedented in modern central banking history and as the instruments vary widely across the various non-standard measures. This paper focuses on the 3-year...
Persistent link: https://www.econbiz.de/10013088278