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We show that the cash-flow exposure of banks to interest rate risk, or income gap, affects the transmission of monetary policy shocks to bank lending and real activity. We first use a large panel of U.S. banks to show that the sensitivity of bank profits to interest rates increases significantly...
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This report analyses the effects of zero rating, i.e. when a predetermined type of traffic received by consumers is not … several countries. In terms of economics, the welfare effects of zero rating on consumers can be favourable or unfavourable …
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