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This paper investigates the credit channel in Germany and the United Kingdom. The financial systems of these two … competition among credit intermediaries, resulting in a declining dependence on banks in Germany. …
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to monetary policy and labor supply. The first chapter deals with the problem of weak identification in the estimation of … focus shifts to the aggregation and estimation of labor supply elasticities. The second chapter develops an aggregation … procedure for the Frisch elasticity of labor supply. The exact size of this particular elasticity matters a lot when …
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We study nominal GDP targeting as optimal monetary policy in a model with a credit market friction following Azariadis, Bullard, Singh and Suda (2018), henceforth ABSS. As in ABSS, the macroeconomy we study has considerable income inequality which gives rise to a large private sector credit...
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We challenge the assumption in the literature of constant housing supply elasticities across housing expansions. Using a time-varying parameter (TVP)-VAR model on monthly US data since the early 1990s, we find that the response of housing supply to an expansionary monetary policy shock relative...
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