Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/70631 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Working Paper No. 2006-17b
Verlag: 
Federal Reserve Bank of Atlanta, Atlanta, GA
Zusammenfassung: 
This study shows that the presence of imperfect competition in the banking system propagates external shocks and amplifies the business cycle. Strategic limit pricing, aimed at protecting retail niches from potential competitors, generates countercyclical bank markups. Markup increments during recessions directly increase borrowing costs for firms and indirectly damage the financial position of firms’ balance sheets, increasing lenders’ risk perception. I use Bayesian techniques and data from Argentina to show that the inclusion of monopolistic banking improves the fit of the New Keynesian small open economy model.
Schlagwörter: 
small open economy
countercylical bank markups
exchange rate regimes
Bayesian estimation
balance sheet effect
JEL: 
E32
F41
G15
G21
L12
Dokumentart: 
Working Paper

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