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lige s langt tilbage som Nationalbanken eller skilles ad. (1818). 4 Key distortion • The key distortion in the model is related to the fact that

Finance No 1/2020 has been released. Monitoring financial stresses is a key factor in ensuring financial stability. It is important for central banks to

U. Peiris, A. Shirobokov, D. P. Tsomocos 6 / 37 Dynamics of the key macro-variables I Figure: GDP, consumption, real loans, oil price. In relative deviations

LTV limit using granular data and methods to address endogeneity problem. 4. Key findings: 1. Strong and nonlinear effects of LTVs on household credit growth.

observables key) 1870s-present day; 19 countries, link long and short real (including filtered) Rs to “usual suspects” Compare with the role of MP Two key

addressed/clarified What about the transmission of LTV changes? Heterogeneity across agents: key channel is number of constrained borrowers in the economy Importance of domestic

Our contribution Theory of interaction between monetary policy capital flows collateral constraints Key implication is existence of Expansionary Lower Bound (ELB) Interest rate below which

exist 4/5 Summary Ambitious paper Could make it stronger by generalizing key insights Very important research area — with an abundance of stylized models — and

economy. “…In its key rate Given the current monetary policy stance, annual inflation will return to 4% in 2021. decision-making, the Key rate, % per annum

Index (CPI)’). Bank of Russia key rate The principal instrument of the Bank of Russia’s monetary policy. The key rate is set by the