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We show that production networks are important for the transmission of unconventional monetary policy. We find that firms with bonds eligible for purchase under the European Central Bank's Corporate Sector Purchase Program act as financial intermediaries by extending more trade credit to their...
Persistent link: https://www.econbiz.de/10012840668
Exploiting the introduction of the ECB's tiering system for remunerating excess reserve holdings, we document the importance of access to the money market for bank lending. We show that the two-tier system produced positive wealth effects for banks with excess reserves and encouraged a...
Persistent link: https://www.econbiz.de/10012822190
Exploiting confidential data from the euro area, we show that sound banks can pass negative rates on to their corporate depositors without experiencing a contraction in funding. These pass-through effects become stronger as policy rates move deeper into negative territory. Banks offering...
Persistent link: https://www.econbiz.de/10012868667
We show that trade credit in production networks is important for the transmission of unconventional monetary policy. We find that firms with bonds eligible for purchase under the European Central Bank's Corporate Sector Purchase Program act as financial intermediaries and extend more trade...
Persistent link: https://www.econbiz.de/10012481661
Exploiting confidential data from the euro area, we show that sound banks can pass negative rates on to their corporate depositors without experiencing a contraction in funding. These pass-through effects become stronger as policy rates move deeper into negative territory. Banks offering...
Persistent link: https://www.econbiz.de/10012015581
Persistent link: https://www.econbiz.de/10012237021
Exploiting confidential data from the euro area, we show that sound banks pass negative rates onto their corporate depositors and that the pass-through is not impaired when policy rates move deeper into negative territory. We do not observe a contraction in deposits. When their banks charge...
Persistent link: https://www.econbiz.de/10012847562
Persistent link: https://www.econbiz.de/10013413190
Persistent link: https://www.econbiz.de/10013547875
We show that production networks are important for the transmission of unconventional monetary policy. Firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program act as financial intermediaries by extending more trade credit to their customers....
Persistent link: https://www.econbiz.de/10013492240