This article studies the impact of monetary policy on real economy in Europe through a particular transmission mechanism: the credit channel. The credit channel is based on the existence of information asymmetries in financial markets that change the agents financing conditions. According to the...

In this paper we study the influence of financial constraints on the investment behavior of French firms by estimating the Euler equation for investment on a large panel of firms over the period 1986-1994. In particular we emphasize the impact of the firm's level of collateral on its external...

This paper studies the link between productivity, innovation and research and development investments at the firm level. We introduce three new features: (i) A structural model that explains productivity by innovation output, and innovation output by research and development investments; (ii)...

In this paper we apply the statistical framework recently proposed by Imbens (1999) and Lechner (1999) to identify the causal effects of multiple treatments under the conditional independence assumption. We show that under this assumption, matching with respect to the ratio of the scores allows...

Does completing a household survey change the later behavior of those surveyed? In three field studies of health and two of microlending, we randomly assigned subjects to be surveyed about health and/or household finances and then measured subsequent use of a related product with data that does...