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Bank-Lending Standards, the Cost Channel and Inflation Dynamics

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  • Sylvia Kaufmann
  • Johann Scharler

Abstract

If firms borrow working capital to finance production, then nominal interest rates have a direct influence on inflation dynamics, which appears to be the case empirically. However, interest rates may only partly mirror the cost of working capital. In this paper we explore the role of bank lending standards as a potential additional cost source and evaluate their empirical importance in explaining inflation dynamics in the US and in the euro area.

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Bibliographic Info

Paper provided by Department of Economics, Johannes Kepler University Linz, Austria in its series Economics working papers with number 2009-16.

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Length: 33 pages
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:jku:econwp:2009_16

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Keywords: New Keynesian Phillips Curve; Cost Channel; Bank Lending Standards; Bayesian Analysis;

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Cited by:
  1. Muhammad Naveed Tahir, 2011. "Inflation Targeting, Exchange Rate and Financial Globalization," Working Papers halshs-00646601, HAL.
  2. Martina Basarac & Blanka Škrabiæ & Petar Soriæ, 2011. "The Hybrid Phillips Curve: Empirical Evidence from Transition Economies," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 61(4), pages 367-383, August.
  3. Muhammad Naveed Tahir, 2011. "Inflation Targeting, Exchange Rate and Financial Globalization," Working Papers 1130, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
  4. Maral Shamloo, 2011. "Inflation Dynamics in FYR Macedonia," IMF Working Papers 11/287, International Monetary Fund.
  5. Alan Domić, 2012. "An application of New Keynesian models to inflation in Croatia," Business Systems Research, Society for Promotion of Business Information Technology (BIT), vol. 3(2), pages 6-13.
  6. Ernestas Virbickas, 2012. "New Keynesian Phillips Curve in Lithuania," Bank of Lithuania Working Paper Series 14, Bank of Lithuania.
  7. Christopher Tsoukis & George Kapetanios & Joseph Pearlman, 2011. "Elusive Persistence: Wage And Price Rigidities, The New Keynesian Phillips Curve And Inflation Dynamics," Journal of Economic Surveys, Wiley Blackwell, vol. 25(4), pages 737-768, 09.

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