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|z 9781484380277
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Melina, Giovanni.
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|a Fiscal Policy and Lending Relationships /
|c Giovanni Melina, Stefania Villa.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2013.
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|a 1 online resource (48 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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.
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|a Mode of access: Internet
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|a Villa, Stefania.
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|a IMF Working Papers; Working Paper ;
|v No. 2013/141
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2013/141/001.2013.issue-141-en.xml
|z IMF e-Library
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