https://macropaperwarehouse.com/authors/carlo-altavilla/Carlo AltavillaHugo -- gohugo.ioen-usThu, 01 Jan 2026 00:00:00 +0000https://macropaperwarehouse.com/papers/interbank-rate-uncertainty-and-bank-lending/Thu, 01 Jan 2026 00:00:00 +0000https://macropaperwarehouse.com/papers/interbank-rate-uncertainty-and-bank-lending/<p>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 buffer or amplify this transmission. The question matters because interbank market disruptions were a central feature of both the 2007–2009 global financial crisis and the 2010–2012 European sovereign debt crisis, yet the empirical channel linking interbank stress to retail lending conditions had not been quantified at the individual-bank level.</p>https://macropaperwarehouse.com/papers/macro-and-micro-of-external-finance-premium-and-monetary-policy-transmission/Mon, 01 Jan 2024 00:00:00 +0000https://macropaperwarehouse.com/papers/macro-and-micro-of-external-finance-premium-and-monetary-policy-transmission/<p>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 cost a firm pays for external funds versus the opportunity cost of holding cash — is a central object in financial-accelerator theory (Bernanke-Gertler, Kiyotaki-Moore), but its determinants below the country level have rarely been measured directly. The motivation is that euro area policy discussion treats country-level sovereign spreads as sufficient summary statistics for financial conditions, yet there is little micro evidence on whether country variation actually captures the bulk of loan-level variation.</p>