period. The sensitivity of credit supply to monetary shocks is not related to the bank characteristics generally used in the …Using a large database of bank financial statements, this paper investigates the determinants of the bank lending … ways. First, I apply a micro-founded strategy for disentangling demand from supply shifts in credit. Using this …

bank lending and risk-taking channels of monetary policy by exploiting – Italian's unique – credit and security registers …. In crisis times, with higher ECB liquidity, less capitalized banks react by increasing securities over credit supply …-crisis time, securities do not crowd-out credit supply. The substitution from lending to securities in crisis times helps less …