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IWH in Halle gründet europäisches Zentrum für MikrodatenforschungReint GroppDeutschlandfunk, 9. Januar 2025
We identify the effects of exogenous credit constraints on firm ability to attract and retain skilled workers. To do so, we exploit a shock to the value of the pension obligations of Portuguese banks resulting from a change in accounting norms.
Existing empirical studies on the effect of monetary policy on bank lending almost exclusively focus on a closed economy setting and ignore the interactions between domestic monetary policy and international financial markets.
Exploiting increases in US defense spending following the 9/11 attacks, we show that the procurement-driven fiscal stimulus led to lower non-performing loans at banks.