the introduction of a negative deposit facility rate by the European Central Bank led to an increased credit supply by … high-deposit financed banks. Given the importance of relationship banking, the extended credit is granted mainly by smaller … banks and via existing credit relationships to firms and households. Banks lend more often to indebted customers and to …

velocity of money. I extend and estimate a standard cash and credit monetary model by adding idiosyncratic preference shocks to …This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real interest rates and the …

Macedonia. The motivation stems from the expectation that different kind of borrowers might vary in terms of the use of credit … households' credits might induce and the positive impact that corporate credit might have on the overall productivity and …

criteria and loan terms offered by subsidized credit programs. Consistently, we find that areas receiving mobile phone coverage … experience higher take-up of agricultural credit. …

new theoretical issues emerging under NIR policies? This article builds a model to show that (i) money injections can … keep the nominal interest rate as low as possible by purchasing government bonds with money; and (iii) the conventional …

We develop a N-sector business cycle network model a la Long and Plosser (1983), featuring heterogenous money demand a … la Bewley (1980) and Lucas (1980). Despite incomplete markets and a well-defined distribution of real money balances … endogenous distribution of money demand on cross-sector allocations of commodities. (ii) Despite flexible prices, money is …

money growth is a superior indicator of the monetary environment than the federal funds rate and, thus, the focus is on the … inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of …-unemployment tradeoffs, policy makers should reconsider the classical dichotomy thesis. -- Inflation ; Unemployment ; Money growth ; SVAR …