monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank …

foreigners. We use a bank-level panel data set spanning all British and foreign banks providing loans within the United Kingdom … credit guarantees, or received capital injections. We use standard empirical panel-data techniques to study the "loan mix …," domestic (British) loans of a bank expressed as a fraction of its total loan activity. We also study effective short …

variation in the supply of central bank liabilities. In effect, the announcement effect has displaced the liquidity effect as … bank to lend or absorb reserves in response to differences between the policy interest rate and the corresponding target. A …, but not on the current level per se, then the central bank can alter the market-clearing interest rate with no change in …