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Access to external finance: Theory and evidence on the impact of monetary policy and firm-specific characteristics
Abstract This paper examines firms’ access to bank and market finance when allowance is made for differences in firm-specific characteristics. A theoretical model determines the characteristics suchExpand
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Corporate trade credit and inventories: New evidence of a trade-off from accounts payable and receivable
Trade credit is an important source of finance for firms and has been well researched, but the focus has been on financial trade-offs. In this paper, we consider the trade-offs with inventories andExpand
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Trade Credit, Bank Lending and Monetary Policy Transmission
This paper investigates the role of trade credit in the transmission of monetary policy. Most models of the transmission mechanism allow the firm to access only financial markets or bank lendingExpand
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The Credit Crunch of 2007-2008: A Discussion of the Background, Market Reactions, and Policy Responses
This paper discusses the events surrounding the 2007-08 credit crunch. It highlights the period of exceptional macrostability, the global savings glut, and financial innovation in mortgage-backedExpand
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Economic Uncertainty Before and During the COVID-19 Pandemic
We consider several economic uncertainty indicators for the US and UK before and during the COVID-19 pandemic: implied stock market volatility, newspaper-based policy uncertainty, twitter chatterExpand
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Corporate Investment and Cash Flow Sensitivity: What Drives the Relationship?
The excess sensitivity of investment to cash flow has been demonstrated in numerous studies. Recent research has identified differences in the degree of sensitivity across countries, which itExpand
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Interest Rate Pass-Through and Monetary Transmission: Evidence from Individual Financial Institutions' Retail Rates
Official interest rate changes should influence short rates on money market instruments and retail products, such as deposit accounts and mortgages, but complete pass-through is often taken forExpand
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Suppression of tumour-specific CD4+ T cells by regulatory T cells is associated with progression of human colorectal cancer
Background There is indirect evidence that T cell responses can control the metastatic spread of colorectal cancer (CRC). However, an enrichment of CD4+Foxp3+ regulatory T cells (Tregs) has also beenExpand
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The Taylor Principle and Monetary Policy Approaching a Zero Bound on Nominal Rates: Quantile Regression Results for the United States and Japan
This paper offers a new approach that estimates the response of interest rates to inflation and the output gap at various points (quantiles) on the conditional distribution of interest rates. ThisExpand
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Relative Price Variability and Inflation in Europe
The relationship between inflation and the relative variability of prices has been the subject of careful investigation in the United States using data for product groups at the city level. Yet inExpand
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