This research examines the impact of monetary policy tools on macroeconomic variables
through a nonlinear specification of threshold structural vector auto-regression (TVAR) using …

Does the institutional environment affect the causal relationship between banking
development and economic growth? In the theoretical section of this paper, we develop an …

This article studies the dynamics of an overlapping generations model with capital, money
and cash-in-advance constraints. The economy can exhibit two different regimes. In the first …

Several empirical studies suggest that lending terms are eased in expansions and tightened
in recessions, thereby influencing the mix of financed entrepreneurs. We study a model of …

This paper reformulates the finance-growth nexus in the case of developing countries. Using
the Neoclassical growth framework, our contribution is threefold. First, we show that …

This paper examines the implications of inflation persistence for the inverted Fisher
hypothesis that nominal interest rates do not adjust to inflation because of a high degree of …

This paper estimates a linearized, stochastic version of Kiyotaki and Moore's (1997) credit
cycle model, using land price data from Hong Kong, Japan, and Korea. It is shown that the …

In this paper, a dynamic general equilibrium model with infinitely lived entrepreneurs and
financiers is developed to investigate a possible mechanism that explains business cycles …

This paper explores the behavior of the US economy during the interwar period from the
perspective of a model in which the existence of nonconvexities in the intermediation …

In this paper, we first use a structural vector autoregression model to examine whether the
US economy responds asymmetrically to expansionary and contractionary monetary …