This paper uses firm-level financial data for Czech firms and tests for the role of companies’ financial structure in the transmission of monetary policy. Our results indicate that higher short-term interest rates coincide with lower shares of total debt, short-term bank loans, and...

Using a large database of bank financial statements, this paper investigates the determinants of the bank lending channel (BLC) of monetary transmission in Brazil between 1995 and 2012. I extend the standard empirical approach in two main ways. First, I apply a micro-founded strategy for...

SUERF – The European Money and Finance Forum, the Deutsche Bundesbank and the Institute for Monetary and Financial Stability (IMFS) took the opportunity of the first anniversary of this new institution to organise a joint conference in Berlin on 8-9 November 2011. The purpose of this event was...

This paper examines the impact of monetary policy on firms' access to bank and market finance when allowance is made for differences in firm-specific characteristics. A theoretical model determines the cut-off values for project profitability that would allow firms to access bank or market...

We investigate the evolution of the monetary policy transmission mechanism in the Czech Republic over the 1996-2010 period by employing a time-varying parameters Bayesian vector autoregression model with stochastic volatility. We evaluate whether the response of GDP and the price level to...

This paper presents an additional credit channel for monetary policy that would arise in the presence of credit rationing. I formally examine a situation in which new entry firms have no choice but to borrow funds from a financial intermediary to cover entry costs, taking into account the fact...

This study investigates the trade credit channel of monetary policy transmission in Turkey by using a large data set of corporate firms, which includes detailed information on balance sheets and income statements of firms regularly reported to the Central Bank of the Republic of Turkey (CBRT) in...

This paper evaluates the relevance of the "bank lending channel" of monetary policy transmission in Peru with disaggregated monthly data of the Peruvian banks balance sheets from January 2003 to December 2011. We study two policy instruments used during the inflation targeting regime: the...

This paper investigates whether changes in the volume of supplied bank loans have a significant effect on output growth in the euro area. After the significance of the bank lending channel is established, money demand shocks are used as an instrumental variable for loans, following Driscoll...

This paper follows the Bayesian time-varying VAR approach with stochastic volatility developed by Primiceri (2005), to analyse whether the reaction of output and prices to interest rate and exchange rate shocks has changed across time (1996-2012) in the Polish economy. The empirical findings...