Bank Lending in the Transmission of Monetary Policy: A VECM Analysis for Germany

This paper addresses the relevance of the bank lending channel in the transmission of monetary policy in Germany on the basis of a structural vector error correction model (VECM). In order to deal with the fundamental problem of identification we use restriction tests on cointegration vectors to identify long-run supply and demand relationships in the market for bank loans.

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Year of publication:	2001-12-01
Authors:	Hülsewig, Oliver ; Winker, Peter ; Worms, Andreas
Publisher:	School of Business Administration <Bruchsal>
Subject:	Geldpolitik \| Transmission \| transmission \| Geschäftsbank

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Extent:	418816 bytes 28 p. application/pdf
Series:	International University Germany - School of Business Administration - Working paper Series Working Paper Series ; 8 (2001)
Type of publication:	Book / Working Paper
Language:	English
Classification:	E44 - Financial Markets and the Macroeconomy ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; Management of financial services: stock exchange and bank management science (including saving banks) ; Monetary Policy ; Individual Working Papers, Preprints ; Europe. General Resources
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10009138407