The interest rate in the second series of ECB targeted longer-term refinancing operations is conditional on a participant-specific lending benchmark. The restrictiveness of this benchmark varies between banks. We employ estimations on a unique micro dataset and investigate the relationship...

In the aftermath of the financial crisis the Fed pursued a “near zero” overnight interest floor and initiatives to manipulate the size and composition of central bank assets. Bernanke referred to this policy as “credit easing.” I overview the succession of unconventional Fed measures...

Does unconventional monetary policy have a distributional effect on household credit? To answer this question, I use granular data in 17 Eurozone countries from the ECB Household Finance and Consumption Survey (HFCS) and look at the household credit in the ”pre-APP (ECB’s Asset Purchase...