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),1 which leads to “fire-sale”–related pecuniaryexternalities; and bank interconnectedness (Allen and Gale2000; Kahn and Santos …
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We analyse the impact of standard and non-standard monetary policy measures on bank profitability. For empirical … identification, the analysis focuses on the euro area, thereby exploiting substantial bank and country heterogeneity within a … monetary union where the central bank has implemented a broad range of unconventional policies, including quantitative easing …
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bank lending and risk-taking channels of monetary policy by exploiting – Italian's unique – credit and security registers …
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We analyze the effects of monetary policy on nonbank and bank credit supply to firms and households, in particular the … increase risk-taking in bank loans, we find that higher monetary policy rates lead to an expansion of credit supply and more … borrowers. Second, nonbanks reduce the effectiveness of the bank lending channel of monetary policy at the loan-level. However …
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We show that nonbanks (funds, shadow banks, fintech) affect the transmission of monetary policy to output, prices and the distribution of risk via credit supply. For identification, we exploit exhaustive US loan-level data since the 1990s, borrowerlender relationships and Gertler-Karadi monetary...
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the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for …
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