crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial … markets, and has a positive impact on economic activity and prices. The effects on bank lending and output are smaller in the …

central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the …

Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank …

short-run liquidity effect after an interest rate innovation, that is additional bank loans are generated by a greater …

Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary … type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … using a model of bank risk-taking and securitization. …

safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting … sovereign bond purchases on secondary markets, a stable relationship between bank lending rates and government bond rates is of … this relationship by focusing on the reaction of bank lending rates to movements in government bond rates over the period …

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for …