Exploiting a granular dataset of banks' security holdings I assess the impact of unconventional monetary policy on bank … bank constant at its level in January 2014, well in advance of an anticipation of the ECB's asset purchase program (APP … data on bank-specific TLTRO uptakes, my results do not seem to be driven by alternative, liquidity-driven transmission …

This paper studies the impact of unconventional monetary policy on bank lending and security holdings. I exploit … declines reduce their investment in securities more intensely, especially in securities with large valuation gains. These new …- yielding credit portfolio. Making use of data on bank-specific TLTRO uptakes, my results do not seem to be driven by …

loan portfolio relatively unaffected. This may explain why the evidence for a bank lending channel in Germany seems to be …

provide evidence in favor of the bank capital channel theory. Banks holding less regulatory capital and less interbank …

loan portfolio relatively unaffected. This may explain why the evidence for a bank lending channel in Germany seems to be …

A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to … change bank loan supply. This paper contributes to the discussion on this issue by presenting empirical evidence from dynamic … the average bank reduces its lending more sharply in reaction to a restrictive monetary policy measure, the lower its …

A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to … change bank loan supply. This paper contributes to the discussion on this issue by presenting empirical evidence from dynamic … the average bank reduces its lending more sharply in reaction to a restrictive monetary policy measure, the lower its …

integrated micro-macro approach with two core virtues. First, we measure the probability of bank distress directly at the bank … level. Second, we integrate a microeconomic hazard model for bank distress and a standard macroeconomic model. The advantage … between bank distress and the real economy. We base the analysis on German bank and macro data between 1995 and 2004. Our …

This paper presents evidence on the industry effects of bank lending in Germany and identifies the industry effects of … bank lending associated with changes in monetary policy and industryspecific bank credit demand. To this end, we estimate … individual bank lending functions for 13 manufacturing and non-manufacturing industries and five banking groups using quarterly …