How does bankruptcy affect the dynamics of aggregate consumption? We quantify the trade-off between the insurance and creditworthiness effects of bankruptcy in response to tighter credit. We show that bankruptcy dampens the effect of tighter credit on aggregate consumption on impact because it...

The findings presented in this paper come from our study of the effects of Brazilian macroeconomic policy on the Brazilian Farm [product] Price Index using an adapted version of Frankel's (1986 & 2006) theoretical model. The study examined the connection between Brazilian farm prices and...

It would seem that physical currency should be fading out as the world of payments is increasingly electronic, with new technologies emerging at a rapid pace, and as governments look to restrictions on large-denomination notes as a way to reduce crime and tax evasion. Nonetheless, demand for...

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...

This paper studies the demand for information about monetary policy, while the literature on central bank transparency and communication typically studies the supply of information by the central bank or the reception of the information provided. We use a new data set on the number of views of...

Basically, shadow banking is an original kind of business organization, or better a set of institutions and markets, finalized to disinvest fixed assets and convey them to the financial markets. Nowadays, tackling the subject means penetrating the hard core of financialization. Shadow banking...

Using a unique dataset, which combines bank organizational variables, information on lending techniques, firms' credit demand and others balance sheet indicators, we investigate the impact of lending organization on credit dynamics during the crisis period. Our main findings suggest that the...

The present paper aims to ascertain whether gender differences continue to exist in Spain's working population. It sets out to obtain empirical evidence of the employment profile according to gender, quantify the extent to which self-employment or salaried employment is associated with certain...

There is a general acceptance of the fact that a significant direct relationship between financial markets and macroeconomic variables exists, especially by considering the assertion that developed financial markets correspond to high GDP levels. This paper provides an investigation of the...