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Trusting the Bankers : A New Look at the Credit Channel of Monetary Policy

Ciccarelli, Matteo - 2010

Any empirical analysis of the credit channel faces a key identification challenge: changes in credit supply and demand are difficult to disentangle. To address this issue, we use the detailed answers from the US and the confidential and unique Euro area bank lending surveys. Embedding this...

Persistent link: https://www.econbiz.de/10013141032

Heterogeneous Transmission Mechanism : Monetary Policy and Financial Fragility in the Euro Area

Ciccarelli, Matteo - 2013

affected the transmission mechanism of the single Euro area monetary policy during the crisis until the end of 2011. The …. At the same time, when looking at the transmission through banks of different sizes, it seems that, until the end of 2011 … small banks tend to lend primarily to SME, we infer that the policies adopted until the end of 2011 might have fall short of …

Persistent link: https://www.econbiz.de/10013085173

Negative Monetary Policy Rates and Systemic Banks’ Risk-Taking : Evidence from the Euro Area Securities Register

Bubeck, Johannes - 2020

We show that negative monetary policy rates induce systemic banks to reach-for-yield. For identification, we exploit the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for the 26 largest euro area banking groups. Banks with more...

Persistent link: https://www.econbiz.de/10012836176

Monetary Policy and Bank Profitability in a Low Interest Rate Environment

Altavilla, Carlo - 2017

We analyse the impact of standard and non-standard monetary policy measures on bank profitability. For empirical identification, the analysis focuses on the euro area, thereby exploiting substantial bank and country heterogeneity within a monetary union where the central bank has implemented a...

Persistent link: https://www.econbiz.de/10012945753

Monetary Policy, Macroprudential Policy and Banking Stability : Evidence from the Euro Area

Maddaloni, Angela - 2013

We analyze the impact on lending standards of short-term interest rates and macro-prudential policy before the 2008 crisis, and of the provision of central bank liquidity during the crisis. Exploiting the euro area institutional setting for monetary and prudential policy and using the Bank...

Persistent link: https://www.econbiz.de/10013080478

Monetary and Macroprudential Policy Complementarities : Evidence from European Credit Registers

Altavilla, Carlo; Laeven, Luc; Peydró, José-Luis - 2021

We document that there are strong complementarities between monetary policy and macroprudential policy in shaping the evolution of bank credit. We use a unique loan-level dataset comprising multiple credit registers from several European countries and different types of loans, including...

Persistent link: https://www.econbiz.de/10013314796

The Euro Area Bank Lending Survey Matters : Empirical Evidence for Credit and Output Growth

de Bondt, Gabe; Maddaloni, Angela; Peydró, José-Luis; … - 2021

This study examines empirically the information content of the euro area Bank Lending Survey for aggregate credit and output growth. The responses of the lending survey, especially those related to loans to enterprises, are a significant leading indicator for euro area bank credit and real GDP...

Persistent link: https://www.econbiz.de/10013316257

Insurance policies for monetary policy in the euro area

Kuester, Keith; Wieland, Volker - 2005

In this paper, we examine the cost of insurance against model uncertainty for the Euro area considering four alternative reference models, all of which are used for policy-analysis at the ECB. We find that maximal insurance across this model range in terms of a Minimax policy comes at moderate...

Persistent link: https://www.econbiz.de/10011604526

The euro area Bank Lending Survey matters: empirical evidence for credit and output growth

de Bondt, Gabe; Maddaloni, Angela; Peydró, José-Luis; … - 2010

Persistent link: https://www.econbiz.de/10011605206