Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212450 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 16/2019
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We investigate how the business, credit and interest rate cycles affect the monetary transmission mechanism, using state-dependent local projection methods and data from 18 advanced economies. We exploit the time-series variation within countries, as well as cross-sectional variation across countries, to investigate this issue. We find that the impact of monetary policy shocks on output and most other macroeconomic and financial variables is smaller during periods of economic downturns, high household debt, and high interest rates. We then build a small-scale theoretical model to rationalize these facts. The model highlights the presence of collateral and debt-service constraints on household borrowing and refinancing as a potential cause for state dependence in monetary policy with respect to the business, credit, and interest rate cycles.
JEL: 
E21
E32
E52
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-323-290-7
Dokumentart: 
Working Paper

Datei(en):
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