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the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards … directly lead to a reduction of real GDP growth, whereas shocks to the quantity of credit are slightly less important in …
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-regulated, more fragile nonbanks. The bank-to-nonbank shift largely neutralizes total credit and associated consumption effects for …We show that nonbanks (funds, shadow banks, fintech) reduce the effectiveness of tighter monetary policy on credit … since 1990s and Gertler-Karadi monetary policy shocks. Higher policy rates shift credit supply from banks to less …
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We isolate the direct bank-to-sovereign distress channel within the Eurozone’s sovereignbank-loop by exploiting the … global, non-Eurozone related variation in stock prices. We instrument banking sector stock returns in the Eurozone with …-related variation. We find that the transmission of instrumented bank distress, while economically relevant, is significantly smaller …
Persistent link: https://www.econbiz.de/10012265559
This paper shows that increased volatility of Örm-level productivity can push the nominal interest rate to its lower bound with large amplification effects on macroeconomic aggregates. The framework combines a simple canonical Önancial accelerator model, time varying risk shocks, and a zero...
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