monetary tightening. Utilizing firm-level data from 2022-2023, this study documents that the abrupt interest rate increases in … on internal funds as an immediate coping mechanism. In contrast, the more gradual tightening in 2023 led to a broad … curtailed internal funding. These findings underscore the varied responses of SMEs to phased monetary tightening and emphasize …

We study the effects of the Federal Reserve's two Quantitative Tightening (QT) programmes implemented over the last …

We study the effect of quantitative tightening both without forward guidance and with higher for longer guidance. This … is done by simulating quantitative tightening strategies in a dynamic stochastic general equilibrium model estimated with … the euro area data. Quantitative tightening is quantified by a bond supply shock that raises the long-term term premium …

In this paper, the ECB monetary policy stance is assessed by comparing the recent tightening cycle (2022-today) with … monetary conditions indices (MCIs) are used for this purpose. The main finding is that at the peak of the latest tightening …