We investigate how unconventional monetary policy, via central banks' purchases of corporate bonds, unfolds in credit-saturated markets. While this policy results in a loosening of credit market conditions as intended by policymakers, we report two unintended side effects. First, the policy...

Tiefgreifender Wandel ist nötig, um die globalen ökologischen und sozialen Problemlagen zu bewältigen und die 2030-Agenda für nachhaltige Entwicklung der Vereinten Nationen mit ihren 17 globalen Nachhaltigkeitszielen (SDGs) zu erreichen. Dabei kann die Entwicklung von Transformationspfaden...

Using granular supervisory data from Germany, we investigate the impact of unconventional monetary policies via central banks' purchase of corporate bonds. While this policy results in a loosening of credit market conditions as intended by policy makers, we document two unintended side effects....

This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...