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 …

standard macroeconomic shocks. Our main empirical finding is that the pass through from changes in the money market rate to … retail bank rates became significantly less complete during the crisis. Model simulations show that this result can be well …

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 …

. Applying a vector error correction model (VECM), we estimate the response of bank loans after a monetary policy shock taking … into account the reaction of the output level and the loan rate. We estimate our model to characterize the response of bank …