Bonci, Riccardo - Banca d'Italia - 2012
This paper provides new evidence on the transmission of monetary policy in the euro area, assessing the impact of an … from lenders to borrowers. After estimating a small VAR for the euro area, we extend the benchmark model with the flow-of-funds … lending channel of monetary policy, the interest rate hike is followed by a short-run deceleration in credit growth, mainly …