Bank-Lending Standards, the Cost Channel and Inflation Dynamics
Sylvia Kaufmann () and
Working Papers from Oesterreichische Nationalbank (Austrian Central Bank)
If firms borrow working capital to finance production, then nominal interest rates have a direct influence on in inflation dynamics, which appears to be the case empirically. However, interest rates may only partly mirror the cost of working capital. In this paper we explore the role of bank lending standards as a potential additional cost source and evaluate their empirical importance in explaining in ation dynamics in the US and in the euro area.
Keywords: New Keynesian Phillips Curve; Cost Channel; Bank Lending Standards; Bayesian (search for similar items in EconPapers)
JEL-codes: E40 E50 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
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Working Paper: Bank-Lending Standards, the Cost Channel and Inflation Dynamics (2009)
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