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level clearly. A positive information shock which also induces increases in interest rate is perceived by private agents as …
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We show that nonbanks (funds, shadow banks, fintech) reduce the effectiveness of tighter monetary policy on credit supply and the resulting real effects, and increase risk-taking. For identification, we exploit exhaustive US loan-level data since 1990s and Gertler-Karadi monetary policy shocks....
Persistent link: https://www.econbiz.de/10012425891
We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German producer price index. After expansionary monetary policy, the increase in the frequency of price change is economically small, the average absolute size across all price...
Persistent link: https://www.econbiz.de/10012421507
Central bank announcements have strong effects on interest rates, but small or even counterintuitive effects on economic expectations. Based on tick-by-tick futures prices on bonds and stock prices, I confirm these seemingly puzzling results for the euro area and provide evidence that they are...
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. By using an unrestricted VAR model and the impulse response analysis our results show that an interest rate shock affects …
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