Hülsewig, Oliver; Mayer, Eric; Wollmershäuser, Timo - ifo Leibniz-Institut für Wirtschaftsforschung an der … - 2005
This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking firm in which banks decide on their loan supply in the light of expectations about the future course of monetary policy. Applying a VAR model, we estimate the response of bank...