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The paper compares the monetary policy in Croatia during two crises: the great recession and the COVID pandemic. The … great recession was a global financial shock that strongly affected Croatia. During the great recession, the central bank … policies to strengthen the quality and inclusiveness of monetary policy in Croatia. …
Persistent link: https://www.econbiz.de/10012608994
I study the role of firm heterogeneity for the transmission of unconventional monetary policy in the form of "credit policy" à la Gertler and Karadi (2011). To this end, I lay out a Two-Agent New-Keynesian model with financially constrained and unconstrained firms and a financial intermediary...
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kuna. Thus, the Croatian kuna is only the domestic currency of Croatia, and the euro is its true money …
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This paper examines whether the BCEAO has made use of the various policy instruments at its disposal for steering credit in the individual CFA zone member countries to complement interest rate policy at the zone level. We estimate whether private sector credit has responded systematically to...
Persistent link: https://www.econbiz.de/10011506516
In a model with costly financial intermediation and financial disturbances, credit subsidies are desirable, irrespective of how they are financed. They are especially useful when the zero lower bound constraint is reached. They are superior to other credit policies such as direct lending
Persistent link: https://www.econbiz.de/10013001182
How do banks transmit long-term central bank liquidity injections to borrowers? We exploit unique variation in how the ECB's 2011-12 Long-Term Refinancing Operations (LTROs) affected lending to firms discontinuously across credit ratings (within banks) to make four contributions. (i) We show the...
Persistent link: https://www.econbiz.de/10012900335