{"id":8572,"date":"2011-02-16T20:34:00","date_gmt":"2011-02-16T19:34:00","guid":{"rendered":"https:\/\/casmef.luiss.it\/publications\/bank-credit-and-sme-growth-after-basel-iv\/"},"modified":"2026-08-03T17:45:17","modified_gmt":"2026-08-03T15:45:17","slug":"bank-credit-and-sme-growth-after-basel-iv","status":"publish","type":"casmef_publication","link":"https:\/\/casmef.luiss.it\/en\/publications\/bank-credit-and-sme-growth-after-basel-iv\/","title":{"rendered":"Monetary Policy, Liquidity Stress and Learning Dynamics"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Abstract: This paper examines the interactions between monetary policy and stability of interbank money markets. After showing some empirical evidence of a central bank\u2019s concern for money market stability I derive a forward smoothing interest rate rule moving from an explicit target in terms of a liquidity stress indicator. The implications of this approach on equilibrium determinacy and learnability are analyzed. I show that equilibrium uniqueness is not necessarily compatible with equilibrium learnability, and learnability, in general, has tighter requirements than determinacy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marzioni S. CASMEF Working Paper Series. 2011;(2)<\/p>\n","protected":false},"template":"","publication_type":[559],"class_list":["post-8572","casmef_publication","type-casmef_publication","status-publish","hentry"],"acf":{"pub_unit":7849,"pub_file":8571},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monetary Policy, Liquidity Stress and Learning Dynamics - Casmef<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/casmef.luiss.it\/en\/publications\/bank-credit-and-sme-growth-after-basel-iv\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monetary Policy, Liquidity Stress and Learning Dynamics - Casmef\" \/>\n<meta property=\"og:description\" content=\"Marzioni S. 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