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Direct lenders, non-bank credit intermediaries with low leverage, have become increas-ingly important players in … rates. Thus, our findings suggest that direct lenders dampen the financial accelerator channel of monetary policy …
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is effective; fiscal policy crowds out investment via the risk-premium. A rule for making M0 respond to credit conditions …
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This paper investigates the risk channel of monetary policy on the asset side of banks' balance sheets. We use a factoraugmented vector autoregression (FAVAR) model to show that aggregate lending standards of U.S. banks, such as their collateral requirements for firms, are significantly loosened...
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This paper investigates the risk channel of monetary policy on the asset side of banks' balance sheets. We use a factoraugmented vector autoregression (FAVAR) model to show that aggregate lending standards of U.S. banks, such as their collateral requirements for firms, are significantly loosened...
Persistent link: https://www.econbiz.de/10010432276