"We study the relationship between banking competition and the transmission of monetary policy through the bank lending … analysis, we are able to reaffirm the existence of the bank lending channel of monetary transmission. Moreover, we find that …

We explore the structural drivers of bank and nonbank credit cycles using an estimated medium-scale macro model that … allows for bank and nonbank financial intermediation. We posit economy-wide aggregate and sectoral disturbances to … potentially drive bank and nonbank credit growth. We find that sectoral shocks affecting the balance sheets of entrepreneurs who …