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Shocks to bank lending, risk-taking, securitization, and their role for US business cycle fluctuations

Peersman, Gert; Wagner, Wolf - 2014

Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary policy innovations account for more than 30 percent of U.S. output variation. The dynamic effects, however, depend on the type of shock. Expansionary securitization shocks lead to a...

Persistent link: https://www.econbiz.de/10010257361

The loan puzzle : a study of loans to different groups in the USA.

Cafiso, Gianluca - 2020

We study loans from banking and non-banking lenders to different groups of borrowers in order to unveil significant differences on how those respond to a shock and evaluate possible alternative explanations for such differences. The objective is to gain insights useful to explain the loan...

Persistent link: https://www.econbiz.de/10012194423

The transmission mechanism of credit support policies in the Euro Area

Boeckx, Jef; Sola Perea, Maite de; Peersman, Gert - 2017

mechanism of the Eurosystem's credit support policies since the start of the crisis. First, we show that these policies have … indeed been succesful in stimulating the credit flow of banks to the private sector. Second, we find support for the "bank … responded more to the credit support policies of the Eurosystem as a result of more favourable size, retail and liquidity …

Persistent link: https://www.econbiz.de/10011646726

Effectiveness and transmission of the ECB's balance sheet policies

Boeckx, Jef; Bossche, Maarten; Peersman, Gert - 2014

We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity...

Persistent link: https://www.econbiz.de/10010383862

The risk-taking channel of monetary policy transmission in the euro area

Neuenkirch, Matthias; Nöckel, Matthias - 2018

In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through the relaxation of lending standards for borrowers. Our dataset covers the period 2003Q1-2016Q2 and includes, in addition to the standard variables for real GDP growth,...

Persistent link: https://www.econbiz.de/10011822614

Bank concentration and monetary policy pass-through

Gödl-Hanisch, Isabel - 2023

transmission to output and investment, amplify the credit cycle, and flatten the Phillips curve. …

Persistent link: https://www.econbiz.de/10014251891

Consumption risk sharing over the business cycle : the role of small firms' access to credit markets

Hoffmann, Mathias; Stewen, Iryna - 2009

firms' access to credit markets plays an important role in explaining this stylized fact: business cycle fluctuations in … addition, better access of small firms to credit markets in the wake of state-level banking deregulation during the 1980s seems … better access to credit markets may have made it easier for the owners of small firms to smooth income in the face of adverse …

Persistent link: https://www.econbiz.de/10003807913

Global investors, the dollar, and U.S. credit conditions

Niepmann, Friederike; Schmidt-Eisenlohr, Tim - 2018

This paper documents that an appreciation of the U.S. dollar is associated with a reduction in the supply of commercial and industrial loans by U.S. banks. An increase in the broad dollar index by 2.5 points (one standard deviation) reduces U.S. banks' corporate loan originations by 10 percent....

Persistent link: https://www.econbiz.de/10011922169

Uncertainty across volatility regimes

Angelini, Giovanni; Bacchiocchi, Emanuele; Caggiano, … - 2017

We propose a new non-recursive identification scheme for uncertainty shocks, which exploits breaks in the unconditional volatility of macroeconomic variables. Such identification approach allows us to simultaneously address two major questions in the empirical literature on uncertainty: (i) Does...

Persistent link: https://www.econbiz.de/10011778668

The role of oil price shocks in causing U.S. recessions

Kilian, Lutz; Vigfusson, Robert J. - 2016

after augmenting the nonlinear model with a measure of credit supply conditions, of the monetary policy stance and of …

Persistent link: https://www.econbiz.de/10011421672