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Trusting the bankers: a new look at the credit channel of monetary policy

Ciccarelli, Matteo; Peydró, José-Luis; Maddaloni, Angela - European Central Bank - 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/10008560375

A tale of two growth engines: The interactive effects of monetary policy and intellectual property rights

Chu, Angus C.; Lai, Ching-Chong; Liao, Chih-Hsing - Volkswirtschaftliche Fakultät, … - 2010

How do intellectual property rights that determine the market power of firms influence the effects of monetary policy on economic growth and social welfare? To analyze this question, we develop a monetary R&D-based growth model with elastic labor supply. We find that monetary expansion reduces...

Persistent link: https://www.econbiz.de/10008919789

Bank risk-taking, securitization, supervision and low interest rates: Evidence from the euro area and the U.S. lending standards

Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2010

Using a unique dataset of the Euro area and the U.S. bank lending standards, we find that low (monetary policy) short-term interest rates soften standards, for household and corporate loans. This softening – especially for mortgages – is amplified by securitization activity, weak supervision...

Persistent link: https://www.econbiz.de/10008678673

Search and endogenous growth: when Romer meets Lagos and Wright

Chu, Angus C.; Lai, Ching-Chong; Liao, Chih-Hsing - Volkswirtschaftliche Fakultät, … - 2012

In this note, we develop a search-based monetary growth model to analyze the growth and welfare effects of inflation. We introduce endogenous growth via capital externality into a two-sector search model and compare the effects of inflation to those from a standard cash-in-advance (CIA) growth...

Persistent link: https://www.econbiz.de/10009650014

Monetary policy, macroprudential policy and banking stability: evidence from the euro area

Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2013

crisis, and of the provision of central bank liquidity during the crisis. Exploiting the euro area institutional setting for … helped to soften lending conditions that were tightened because of bank capital and liquidity constraints, especially for … business loans. Importantly, this softening effect is stronger for banks that borrow more long-term liquidity from the …

Persistent link: https://www.econbiz.de/10010686767

Heterogeneous transmission mechanism: monetary policy and financial fragility in the euro area

Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2013

The Euro area economic activity and banking sector have shown substantial fragility over the last years with remarkable country heterogeneity. Using detailed data on lending conditions and standards, we analyse how financial fragility has affected the transmission mechanism of the single Euro...

Persistent link: https://www.econbiz.de/10010686876

Monetary Policy, R&D and Economic Growth in an Open Economy

Chu, Angus C.; Cozzi, Guido; Lai, Ching-Chong; Liao, … - Volkswirtschaftliche Fakultät, … - 2013

This study analyzes the growth and welfare effects of monetary policy in a two-country Schumpeterian growth model with cash-in-advance constraints on consumption and R&D investment. We find that an increase in the domestic nominal interest rate decreases domestic R&D investment and the growth...

Persistent link: https://www.econbiz.de/10011170142