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Credit and Banking in a DSGE model

  • Stefano NERI

    (Bank of Italy)

  • Luca SESSA

    (Bank of Italy)

  • Federico SIGNORETTI

    (Bank of Italy)

  • Andrea GERALI

    (Bank of Italy)

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

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Date of creation: 2009
Date of revision:
Handle: RePEc:red:sed009:586
Contact details of provider: Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA
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  1. 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.
  2. repec:clu:wpaper:0809-02 is not listed on IDEAS
  3. Vasco Cúrdia & Michael Woodford, 2009. "Credit frictions and optimal monetary policy," BIS Working Papers 278, Bank for International Settlements.
  4. Bernanke, Ben & Gertler, Mark, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Working Papers 95-15, C.V. Starr Center for Applied Economics, New York University.
  5. 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.
  6. Javier Andrés & Óscar J. Arce, 2009. "Banking competition, housing prices and macroeconomic stability," Banco de Espa�a Working Papers 0830, Banco de Espa�a.
  7. Aqib Aslam & Emiliano Santoro, 2008. "Bank Lending, Housing and Spreads," Discussion Papers 08-27, University of Copenhagen. Department of Economics, revised Nov 2008.
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