Este documento muestra cómo se puede utilizar la información obtenida de bases de datos a nivel individual y de encuestas, junto con indicadores macroeconómicos, para mejorar la comprensión de los obstáculos a la inversión a los que las empresas de la UE se enfrentan. Para ello, utilizamos...

When price-cost margins vary endogenously in response to aggregate shocks, theirvariation becomes an additional channel through which such shocks can affect economicactivity. This was first recognized by Rotemberg and Woodford (1991 and1992) and its implications have been widely studied in goods...

Standard theories of investment behaviour have concentrated on the neoclassical andTobin?s Q approaches, with most empirical work on aggregate data focusing on the former. In contrast,a separate literature on monetary transmission, centred on the credit channel and financial acceleratoreffects,...

Since the publication of Keynes' “General Theory of Employment, Interest, and Money” in 1936 many new ideas and solution concepts for macroeconomic problems emerged, disappeared, and were combined in order to appropriately describe macroeconomic phenomena. Nowadays, New Keynesian frameworks...

Emerging market countries that have improved institutions and attained intermediate levels of institutional quality have experienced severe financial crises following capital flow reversals. However, there is also evidence that countries with strong institutions and deep capital markets are less...

To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions reduce loan granting, especially to firms or from banks...

Los prestamistas directos, entidades financieras de crédito no bancarias que operan con un reducido apalancamiento, se han convertido de modo gradual en importantes actores en los mercados de préstamos corporativos. En este trabajo investigamos el papel que han desempeñado en la transmisión...