With a unique loan portfolio maintained by a top-20 universal bank in Germany, this study tests whether unconventional monetary policy by the European Central Bank (ECB) reduced corporate borrowing costs. We decompose corporate lending rates into refinancing costs, as determined by money...

Cover; Half-title; Title; Copyright; Contents; Contributors; Foreword; Acknowledgements; Abbreviations; Introduction; Part 1 Macroeconometric evidence on the transmission mechanism in the euro area; Part 2 Firms' investment and monetary policy: evidence from micro economic data; Part 3 The role of...

There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the ECB's monetary policies. In order to test this ECB-handicapʺ hypothesis, we perform a meta-analysis of the effects of monetary policies in the US and the Eurozone countries....