In this paper, we investigate the effects of the negative interest rate policy (NIRP) on bank credit offering and the borrowing behavior of firms by using tens of thousands of bank-firm matched data for Japanese listed firms. By utilizing the difference-in-difference method, we find that the...

This paper predicts downside risks to future real house price growth (house-prices-at-risk or HaR) in 32 advanced and emerging market economies. Through a macro-model and predictive quantile regressions, we show that current house price overvaluation, excessive credit growth, and tighter...

This study quantitatively assesses the role of foreign exchange interventions (FXIs) by introducing a systematic FXI policy that follows a feedback rule responding to nominal FX rates into a small open economy DSGE model. A quantitative analysis using Vietnamese data reveals that while the...