To what extent does the availability of credit depend on monetary policy? And, does this relationship vary with bank …-2011, we uncover three main regularities. First, the effect of monetary policy on bank lending is significant and heterogeneous … in Germany and Italy, which are characterized by a large number of banks; but it is very weak in Spain and more …

the Corporate Sector Purchase programme (CSPP)increased the net issuance of debt securities, triggering a shift in bank … loan supply infavour of firms that do not have access to bond-based financing. Identification comes frommatching bank … more exposed to CSPP-eligible firms. Unlike in previous studies, this resultapplies regardless of bank balance sheet …