Altavilla, Carlo; Boucinha, Miguel; Peydró, José-Luis; … - 2020
monetary policy. For identification, we exploit: (i) a new, proprietary dataset based on 15 European credit registers; (ii) the … institutional change leading to the centralisation of European banking supervision; (iii) high-frequency monetary policy surprises … crucial complementarities between supervision and monetary policy: centralised supervision offsets excessive bank risk …