This study examines how maturity mismatches in banks' balance sheets shape the transmission of monetary policy to credit supply. Linking supervisory data on approximately 1,800 euro area banks to loan-level credit records, we show that the role of maturity mismatches is highly shock-specific. Mismatches amplify the effects of monetary policy shocks stemming from central bank balance sheet policies, but not those tied to the interest rate policy. Specifically, we find that banks with larger maturity gaps reduce lending more sharply only in response to a quantitative tightening (QT) monetary policy shock. To rationalize these findings, we develop a medium-scale New Keynesian DSGE model featuring a segmented financial sector, where intermediaries are differentiated by their maturity gaps. This framework explains the observed asymmetry: the banking segment with high maturity mismatch is more exposed to long-duration losses that compress net worth, tighten endogenous leverage constraints, and amplify real economic effects through an investment wedge, whereas standard policy rate shocks—which mainly affect short-term rates—generate little heterogeneity in lending responses.

This study investigates how credit supply shocks impact firm-level investment across the euro area using the novel AnaCredit database. Employing the methodology developed by Amiti and Weinstein (2018), we decompose loan growth rates into four components: bank-specific, firm-specific, industry-specific, and common shocks. Our findings show that idiosyncratic bank supply shocks significantly affect firm-level investment, particularly among firms that are highly dependent on bank loans. Furthermore, these granular bank-specific shocks explain most of the aggregate loan dynamics. We also find that the effects of bank shocks vary depending on firm characteristics, such as firm size, loan portfolio composition, and reliance on external financing. These results underscore the critical role banks play in shaping investment dynamics, especially under varying economic conditions.

This paper examines the heterogeneous effects of carbon policy shocks on firm-level investment using a large panel of non-financial corporations in Germany, France, Italy, and Spain (approximately 7.9 million firm-year observations, 2000–2019) sourced from the ORBIS database. Using high-frequency carbon policy shocks from Känzig (2021) and panel local projections, the analysis finds that a restrictive carbon policy shock reduces tangible investment by 1.24–1.35 percentage points at the one- to two-year horizon. This average decline reflects two complementary supply-side mechanisms. The direct cost channel produces a clear monotonic gradient along the energy intensity of firms' assigned sector-country-year: those in the top tercile cut investment by roughly 75 percent more than those in the bottom tercile. Beyond this direct exposure, supply chain linkages generate a further contraction—firms whose suppliers are carbon-intensive reduce investment substantially more than otherwise comparable firms. Financial conditions and productivity then determine which firms can absorb these cost shocks. Large firms show no statistically significant response, while micro and small firms adjust the most. Among the latter, the least productive firms drive the investment cut while the most productive remain broadly unresponsive at short horizons. Together, these results suggest that carbon policy generates a broad investment contraction that spreads through production networks and whose burden falls disproportionately on firms with limited financial and technological capacity relative to their direct exposure to energy costs.

This paper estimates a New Keynesian DSGE model for the Euro Area and the Turkish economy using Bayesian estimation techniques and seven macroeconomic time series. The setting of the model features a number of nominal and real frictions and seven structural shocks are introduced. An analysis of the response of the two economies to these types of shocks is provided in a comparative fashion along with a study of the driving forces of the main macroeconomic dynamics through shock decomposition, with a focus on output and consumption.

This study examines the effect of structural transformation on labor productivity growth in the manufacturing industry in Turkey for the period of 1981–2000. Structural transformation is defined as movement of the factor inputs of the sector from sectors which have relatively low productivity to the sectors which have relatively high labor productivity. The conventional shift-share analysis has been used in the purpose of showing the effect of structural transformation on rise of labor productivity of manufacturing sector. The empirical results do not support the structural bonus hypothesis. The empirical findings show that, structural transformation is not important in explaining rise of labor productivity for the period of 1981–2000. Moreover, the structural transformation seems to be a burden on the rise of labor productivity rather than a bonus during 1981–2000.