Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - In: Review of Economic Dynamics 18 (2015) 4, pp. 979-1002
through the credit channel is unfeasible. Bank lending surveys by central banks, however, contain reliable quarterly …. Using the U.S. and the unique Euro area surveys, we find that the credit channel amplifies a monetary policy shock on GDP …Credit supply and demand changes are mostly unobserved, thus identifying completely the transmission of monetary policy …