This paper investigates the credit channel in Germany and the United Kingdom. The financial systems of these two countries show substantial structural differences, which leads one to expect that their real sectors respond differently to changes in monetary policy. To the extent that this is the...

This paper investigates the credit channel in Germany and the United Kingdom. The financial systems of these two countries show substantial structural differences, which leads one to expect that their real sectors respond differently to changes in monetary policy. To the extent that this is the...

This work analyzes the behavior of long-term interest rates for several developed and developing economies, identifying the risk-neutral and term premium components under different methodologies. The authors analyze which of these two channels affected interest rate movements in different...