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Carlo Altavilla

Head of Monetary Analysis Division · European Central Bank

Head of the Monetary Analysis Division in the ECB's Directorate General Monetary Policy and a CEPR Research Fellow. Works on monetary policy transmission, non-standard measures and the bank lending channel.

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Forthcoming American Economic Journal: Macroeconomics

Interbank Rate Uncertainty and Bank Lending

Carlo Altavilla · Giacomo Carboni · Michele Lenza · Harald Uhlig

This paper asks whether uncertainty in the interbank market — distinct from general macroeconomic uncertainty — raises the cost of bank credit to firms, and whether bank-specific characteristics …

Banking Credit Monetary Policy Financial Markets Macro Dynamics

Published Journal of Monetary Economics Published Oct 2024

Macro and micro of external finance premium and monetary policy transmission

Carlo Altavilla · Refet S. Gürkaynak · Rogier Quaedvlieg

This paper establishes basic facts about the external finance premium (EFP) faced by euro area firms borrowing from banks, and studies how monetary policy is transmitted to it. The EFP — the extra …

Monetary Policy Banking Credit Financial Markets Macro Dynamics Free Read ↗