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Credit and Banking in a DSGE model

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  • Stefano NERI

    (Bank of Italy)

  • Luca SESSA

    (Bank of Italy)

  • Federico SIGNORETTI

    (Bank of Italy)

  • Andrea GERALI

    (Bank of Italy)

Abstract

euro area banking rates, this attenuator effect can be sizeable but short-lived. The model also allows analyzing the consequences of a tightening of credit conditions that reduces the supply of credit and increases banks' interest rates independently of monetary policy. In such a scenario, the greatest contribution to the negative effects on output components comes from spillovers from the tightening on firms.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2009 Meeting Papers with number 586.

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Date of creation: 2009
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Handle: RePEc:red:sed009:586

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  1. Vasco Cúrdia & Michael Woodford, 2008. "Credit frictions and optimal monetary policy," Working Paper Research 146, National Bank of Belgium.
  2. Kok, Christoffer & Werner, Thomas, 2006. "Bank interest rate pass-through in the euro area: a cross country comparison," Working Paper Series 0580, European Central Bank.
  3. Aqib Aslam & Emiliano Santoro, 2008. "Bank Lending, Housing and Spreads," Discussion Papers 08-27, University of Copenhagen. Department of Economics, revised Nov 2008.
  4. Javier Andrés & Óscar J. Arce, 2009. "Banking competition, housing prices and macroeconomic stability," Banco de Espa�a Working Papers 0830, Banco de Espa�a.
  5. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
  6. Matteo Iacoviello, 2005. "House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle," American Economic Review, American Economic Association, vol. 95(3), pages 739-764, June.
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