Arbeitspapier
Exploring the trade-off between leaning against credit and stabilizing real activity
Evidence from monetary VARs for ten countries points towards an unfavorable trade-off between leaning against credit fluctuations and stabilizing real economic activity. Results are robust both across countries, and based on two alternative approaches, i.e. either (i) focusing on the impact of monetary policy shocks, which I identify based on a combination of zero and sign restrictions, or (ii) analyzing 'modest' policy interventions in which the central bank reacts weakly, but systematically, to credit fluctuations. In particular, a modest intervention suggests that in the U.S. during the years leading up to the financial crisis a 1% shortfall in real GDP would have been associated with a decrease in credit leverage by 2.5 percentage points.
- Sprache
-
Englisch
- Erschienen in
-
Series: Discussion Papers ; No. 22-02
- Klassifikation
-
Wirtschaft
- Thema
-
Credit
structural VARs
sign restrictions
zero restrictions
Lucas critique
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Benati, Luca
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Bern, Department of Economics
- (wo)
-
Bern
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Benati, Luca
- University of Bern, Department of Economics
Entstanden
- 2022
Ähnliche Objekte (12)
Evolving Phillips trade-off
Proximity-Concentration Trade-Off
Quantile risk-return trade-off
Growth-and-risk trade-off
Is the quantity quality trade-off a trade-off for all, none, or some?
Is the quantity-quality trade-off a trade-off for all, none, or some?
The inflation-output trade-off revisited
The Child Quantity–Quality Trade-off
The quantity–quality fertility–education trade-off
The quantity–quality fertility–education trade-off
Redistribution and the efficiency-justice trade-off
Globalisation and the efficiency-equity trade-off
Evolving Phillips trade-off
Proximity-Concentration Trade-Off
Quantile risk-return trade-off
Growth-and-risk trade-off
Is the quantity quality trade-off a trade-off for all, none, or some?
Is the quantity-quality trade-off a trade-off for all, none, or some?
The inflation-output trade-off revisited
The Child Quantity–Quality Trade-off
The quantity–quality fertility–education trade-off
The quantity–quality fertility–education trade-off
Redistribution and the efficiency-justice trade-off
Globalisation and the efficiency-equity trade-off
Evolving Phillips trade-off
Proximity-Concentration Trade-Off
Quantile risk-return trade-off
Growth-and-risk trade-off
Is the quantity quality trade-off a trade-off for all, none, or some?
Is the quantity-quality trade-off a trade-off for all, none, or some?
The inflation-output trade-off revisited
The Child Quantity–Quality Trade-off
The quantity–quality fertility–education trade-off
The quantity–quality fertility–education trade-off
Redistribution and the efficiency-justice trade-off