(2013), featuring a segmented banking sector, is estimated for the euro area and combined with a bank portfolio optimisation … programme. We analyse the macroeconomic effects of the Asset Purchase Programme via the banking system, exploiting the cross …-section of individual bank portfolio decisions. For this purpose, an augmented version of the DSGE model of Gertler and Karadi …

euro area as a whole and in its five largest countries. In a Bayesian VAR framework, the two credit supply shocks are … for business cycles. For the euro area, the explanatory power of the two credit supply shocks for GDP growth variations is … supply shocks exceeds that of loan supply shocks. Since MBF is mostly provided by non-bank financial intermediaries, the …

expectations. Third, we observe that the different components of central bank communication (i.e. the pure monetary policy shock … and the central bank information shock) have different impacts on firms’ beliefs. Fourth, we find that conventional and …We provide new evidence on how ECB’s monetary policy decisions affect firms’ bank loan expectations in the euro area …

in the euro area banking sector. Specifically, it analyses the effect that negative policy rates had on euro area banks … policy period, change in banks’ competitive behaviour affected the bank lending channel and discouraged banks from taking …

We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data …

ways to transfer credit risk have tended to diminish the informational content of standard bank balance-sheet indicators …We find evidence of a bank lending channel for the euro area operating via bank risk. Financial innovation and the new …. We show that bank risk conditions, as perceived by financial market investors, need to be considered, together with the …

This paper investigates the relationship between short-term interest rates and bank risk. Using a unique database that …

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 … homogeneous in France, where the banking industry has a higher degree of market concentration. Second, there is some evidence that …

easing (QE). We study how lending responds to each shock using detailed bank, firm, and household data from Portugal, a …We provide evidence that the strength of the bank lending channel varies considerably across three major events in the … more effective than signalling events at stimulating the bank lending channel …

We consider a standard banking model with agency frictions to simultaneously study the weakening and reversal of …