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Credit supply - Identifying balance-sheet channels with loan applications and granted loans

Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - European Central Bank - 2010

reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to …

Persistent link: https://www.econbiz.de/10008565827

Credit and the natural rate of interest.

De Fiore, Fiorella; Tristani, Oreste - European Central Bank - 2008

We analyze the properties of the natural rate of interest in an economy where nominal debt contracts generate a spread between loan rates and the policy interest rate. In our model, monetary policy has real effects in the flexible-price equilibrium, because it affects the credit spread. Relying...

Persistent link: https://www.econbiz.de/10005530839

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

A monetary policy strategy in good and bad times: lessons from the recent past

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - European Central Bank - 2011

entering commitments regarding the future path of the policy rate, the liquidity interventions decided in October 2008 and in …

Persistent link: https://www.econbiz.de/10009002548

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

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

What does the single monetary policy do? A SVAR benchmark for the European Central Bank

Monticello, Carlo; Tristani, Oreste - European Central Bank - 1999

This paper puts forward a characterization of the structural features of the economic system relevant to the monetary-policy decisions of the European Central Bank. The econometric analysis adopts a parsimonious VAR representation of three key macroeconomic variables (interest rates, prices and...

Persistent link: https://www.econbiz.de/10005816261