Central bank credit has expanded dramatically in some of the euro area member countries since the beginning of the … objectives among the national central banks in the euro area. We show that after 2007, central bank credit has been highly …

centralization lets the central bank react less flexibly to national business cycle movements. This increases the amplitude of …

indeed been succesful in stimulating the credit flow of banks to the private sector. Second, we find support for the “bank … effect). The role of bank capital is, however, ambiguous. Besides the above favorable direct effect on loan supply, lower … levels of bank capitalization at the same time mitigate the size, retail and liquidity effects of the policies. The drag on …

We examine the effects of the Asset Purchase Programme (APP) gradually introduced by the European Central Bank from …

, in addition to the standard variables for real GDP growth, inflation, and the monetary policy stance, indicators of bank … lending standards and bank lending margins. Based on vector autoregressive models with (i) recursive identification and (ii … the Netherlands, Portugal, Spain, and Ireland lowered their lending standards after expansionary monetary policy shocks …

that reduce structural distortions and make economies more flexible. It is shown that uncertainty about the central bank …'s reaction function leads to more reforms. I relate this result to the debate about central bank setup in a larger monetary union …