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Structural vector-autoregressive models are potentially very useful tools for guiding both macro- and microeconomic policy. In this paper, we present a recently developed method for exploiting non-Gaussianity in the data for estimating such models, with the aim of capturing the causal structure...
Persistent link: https://www.econbiz.de/10003966642
Heterogeneity in the response of banks to a change in monetary policy is an important element in the transmission of this policy through banks. This paper examines the role of bank liquidity, capitalization and market power as internal factors influencing banks' reaction in terms of lending and...
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"Financial crisis" is sometimes regarded as synonymous with "economic crisis", but this is an oversimplification and risks missing the feedback loops between the financial and real economies. In this paper, the role of money is revisited in the context of distinguishing the real economy from the...
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We document that monetary policy has a substantial impact on innovation activities. After a tightening shock of 100 … declines by about 25 percent in the following 1 to 3 years. Patenting in important technologies, as well as a patent …-based aggregate innovation index, declines by up to 9 percent in the following 2 to 4 years. Based on previous estimates of the …
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