We exploit a liquidity crunch of 2013 in China as a negative shock to banks and analyze the wealth effects on listed … market. These results suggest that banks transmit liquidity shocks to their borrowing firms and that the long-term bank …

euro area as a whole and in its five largest countries. In a Bayesian VAR framework, the two credit supply shocks are … for business cycles. For the euro area, the explanatory power of the two credit supply shocks for GDP growth variations is … supply shocks exceeds that of loan supply shocks. Since MBF is mostly provided by non-bank financial intermediaries, the …

expectations. Third, we observe that the different components of central bank communication (i.e. the pure monetary policy shock … and the central bank information shock) have different impacts on firms’ beliefs. Fourth, we find that conventional and …We provide new evidence on how ECB’s monetary policy decisions affect firms’ bank loan expectations in the euro area …