This paper examines the heterogeneous effects of carbon policy shocks on firmlevel 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. Two distinct transmission channels are identified. First, energy intensity generates a monotonic investment gradient: high-energy-intensity firms reduce investment by approximately 75 percent more than low-energy-intensity firms, confirming the direct cost channel. Second, supply chain linkages constitute an independent mechanism: firms with high upstream carbon exposure exhibit substantially larger investment declines at all horizons, even after controlling for own energy intensity. Financial constraints shape the response-smaller firms are significantly more affected, while large firms are fully insulated. Across broad sectors, investment responses are similar, consistent with input-output linkages diffusing carbon-induced cost changes throughout the economy.

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 \textit{shock-specific}. Mismatches amplify the effects of \textit{unconventional} but not \textit{conventional} monetary policies. Banks with larger maturity gaps reduce lending more sharply following monetary policy surprises regarding quantitative tightening (QT) because valuation losses on long-term assets negatively affect their net worth, causing tighter leverage constraints. 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 high-mismatch banking segment 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 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 shiftshare 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 burden rise of labor productivity rather than a bonus in during 1981-2000.