CEP Discussion Paper No 887 August 2008 Sales and Monetary Policy Bernardo Guimaraes and Kevin Sheedy Abstract A striking fact about prices is the prevalence of ``sales'': large temporary price cuts followed by a return exactly to the former price. This paper builds a...

We estimate the monetary policy pass-through to lending rates in Brazil and the United States using the same methodology and obtain very different results. In the United States, the pass-through tends to be larger than 1:1. In Brazil, we find a 1:1 pass-through only in the case of non-earmarked...

We estimate the monetary policy pass-through to lending rates in Brazil and the United States using the same methodology and obtain very different results. In the United States, the pass-through tends to be larger than 1:1. In Brazil, we find a 1:1 pass-through only in the case of non-earmarked...

This paper investigates the impact of unconventional monetary policy on firm financial constraints. It focuses on the Federal Reserve's maturity extension program (MEP), intended to lower longer-term rates and flatten the yield curve by reducing the supply of long-term government debt....