) relationship between the standard deviation (coefficient of variation) and the average in bank lending-rate markups. In a …. Normatively, under a given inflation target, welfare gains arise if a central bank can use additional liquidity-provision (or tax …

We use unique data on banks' private risk assessments of corporate borrowers to quantify how competition among banks … affect the risk sensitivity of interest rates in the Norwegian credit market. We show that an increase in competition makes … channel of how the competition-fragility nexus can operate. …