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Cover Art
Author Melina, Giovanni.

Title Fiscal Policy and Lending Relationships [electronic resource] / Giovanni Melina.

Published Washington, D.C. : International Monetary Fund, 2013.


Location Call No. Status
Physical description 1 online resource (48 p.)
Series IMF Working Papers; Working Paper ; No. 13/141
IMF Working Papers; Working Paper ; No. 13/141
Summary This paper studies how fiscal policy affects loan market conditions in the US. First, it conducts a Structural Vector-Autoregression analysis showing that the bank spread responds negatively to an expansionary government spending shock, while lending increases. Second, it illustrates that these results are mimicked by a Dynamic Stochastic General Equilibrium model where the bank spread is endogenized via the inclusion of a banking sector exploiting lending relationships. Third, it shows that lending relationships represent a friction that generates a financial accelerator effect in the transmission of the fiscal shock.
Notes Description based on print version record.
Other author Melina, Giovanni.
Villa, Stefania.
Subject Budget Constraint
Deep Habits
Fiscal Stimulus
Government Spending Shocks
Government Spending
Lending Relationships
ISBN 1484380274 : 18.00 USD
ISSN 1018-5941
Standard Number 10.5089/9781484380277.001