Search Results - subject_exact:"Bank lending channel"

When the spare tyre goes flat : monetary policy transmission through non-banks

Goncharenko, Roman; Lukmanova, Elizaveta - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015604781

The heterogeneous bank lending channel of monetary policy

Abad, Jorge; Bigio, Saki; García-Villegas, Salomón; … - 2026

How does heterogeneity in banks' interest-rate risk exposure shape monetary policy transmission? We develop a quantitative macroeconomic model of heterogeneous banks to answer this question. We establish an irrelevance result: differences in interest-rate risk exposure between fixed- and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641864

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The Heterogeneous Bank Lending Channel of Monetary Policy

Abad, Jorge; Bigio, Saki; García-Villegas, Salomón; … - 2026

Book / Working Paper

The heterogeneous bank lending channel of monetary policy

Abad, Jorge; Bigio, Saki; García-Villegas, Salomón; … - 2026

Book / Working Paper

In search of credit crunch (rationing) periods in Albania : a disequilibrium approach

Shijak, Gerti - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015637359

Modeling credit demand and supply of firms and households in Albania

Shijak, Gerti - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015637410

Macroprudential FX regulations and small firms: unintended consequences for credit growth

Amado, María Alejandra - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669740

Monetary policy transmission via banks to firms

Altavilla, Carlo; Bottero, Margherita; Imbierowicz, Björn - 2026

This Occasional Paper reviews evidence from the ChaMP Research Network on the transmission of monetary policy to firms in the euro area. Overall, transmission to firms remains effective, including during the 2022-23 tightening cycle. However, new results show that this transmission is neither...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061005

The bank-based transmission of the 2024-25 monetary policy easing in the euro area

Santi, Matteo; Schiaffi, Stefano - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015462832

The financial channel of tax amnesty policies : (discussion paper)

Bernini, Federico; Donaldson, Paula; Garcia-Lembergman, … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015552459

Banks' liability structure and monetary policy transmission : evidence from a quasi-natural experiment in China

Liu, Guanchun; Liu, Hangjuan; He, Feng; Li, Youwei - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015555381

Exploring the bank lending channel : how bank characteristics shape monetary policy effectiveness

Świtała, Filip - 2025

This paper examines how individual bank characteristics influence the transmission of monetary policy through the bank lending channel. Using panel data and a Fixed Effects model validated by the Hausman test, the author analyses how bank size, capitalization, profitability and asset quality...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015650550

The credit channel of monetary transmission in the US : is it a bank lending channel, a balance sheet channel or both or neither?

Brissimis, Sophocles N.; Papafilis, Michalis-Panayiotis - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015482681

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The credit channel of monetary transmission in the US: Is it a bank lending channel, a balance sheet channel, or both, or neither?

Brissimis, Sophocles N.; Papafilis, Michalis-Panayiotis - 2022

Book / Working Paper

The Credit Channel of Monetary Transmission in the Us : Is it a Bank Lending Channel, a Balance Sheet Channel, or Both, or Neither?

Brissimis, Sophocles N.; Papafilis, Michalis-Panayiotis - 2022

Book / Working Paper

Bank lending in an unprecedented monetary tightening cycle : evidence from the euro area

Auer, Simone; Conti, Antonio M. - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014634707

The transmission of monetary policy to credit supply in the Euro area

García-Posada, Miguel; Paz, Peter - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015072770

The bank lending channel of monetary policy transmission in South Africa

Pirozhkova, Ekaterina; Viegi, Nicola - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015073834

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The bank lending channel of monetary policy transmission in South Africa

Pirozhkova, Ekaterina; Viegi, Nicola - 2024

Book / Working Paper

What drives banks' credit standards? : an analysis based on a large bank-firm panel

Faccia, Donata; Hünnekes, Franziska; Köhler-Ulbrich, Petra - 2024

In this paper we build a unique dataset to study how banks decide which firms to lend to and how this decision depends on their own situation and the characteristics of their borrowers. We find that weaker capitalised banks adjust their credit standards more than healthier banks, especially for...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014486705

The macroeconomics of liquidity in financial intermediation

Porcellacchia, Davide; Sheedy, Kevin D. - 2024

In financial crises, the premium on liquid assets such as US Treasuries increases alongside credit spreads. This paper explains the link between the liquidity premium and spreads. We present a theory of endogenous bank fragility arising from a coordination friction among bank creditors. The...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014528265

The transmission of bank liquidity shocks : evidence from the Eurosystem collateral framework

Hüttl, Pia; Kaldorf, Matthias - 2024

How does a shock to the liquidity of bank assets affect credit supply, cross-border lending, and real activity at the firm level? We exploit that, in 2007, the European Central Bank replaced national collateral frameworks by a single list. This collateral framework shock added loans to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014467917

Monetary policy shock and impact asymmetry in bank lending channel : evidence from the UK housing sector

Chowdhury, Rosen Azad; Jahan, Dilshad; Mishra, Tapas; … - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014469029

Mixing QE and interest rate policies at the effective lower bound : micro evidence from the euro area

Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2024

We study the interaction of expansionary rate-based monetary policy and quantitative easing, despite their concurrent implementation, by exploiting heterogeneous banks and the introduction of negative monetary-policy rates in a fragmented euro area. Quantitative easing increases credit supply...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014520834

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Mixing QE and interest rate policies at the effective lower bound : micro evidence from the Euro Area

Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2023

Book / Working Paper

Mixing QE and interest rate policies at the effective lower bound : micro evidence from the euro area

Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2021 - First version: June 15, 2021, this version: October 12, 2021

Edition: First version: June 15, 2021, this version: October 12, 2021

Book / Working Paper

The corporate real effects of CIP deviations

Ippolito, Filippo; Peydró, José-Luis; Karapetyan, Artashes - 2024

We show corporate real effects from Covered Interest Parity (CIP) deviations, exploiting administrative data from Norway as well as CIP deviation shocks. Banks with access to U.S. money markets strongly increase short-term USD funding in response to CIP deviations. This, in turn, leads to higher...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015179624

Credit strikes back : the macroeconomic impact of the 2022-23 ECB monetary tightening and the role of lending rates

Conti, Antonio M.; Neri, Stefano; Notar, Alessandro - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015179816

Housing wealth and monetary policy transmission : cross-country evidence

Di Casola, Paola; Grothe, Magdalena - 2026

This paper quantifies the role of housing wealth in the transmission of monetary policy to consumption in 20 advanced economies. Using Bayesian VAR models we identify structural shocks with a novel combination of sign and maximum forecast error variance restrictions, isolating the housing wealth...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618097

Digital banking and the evolving monetary policy transmission

Budnik, Katarzyna - 2026

This paper maps the euro-area digital-banking segment and assesses how digital banks transmit monetary policy relative to brick-and-mortar peers. I compile a hand-checked universe of over 170 digital banks (2016-2025) from supervisory data, classifying institutions by business model (e-retail,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618109

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Benkovskis, Konstantīns; Bielskis, … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015562447

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Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Beņkovskis, Konstantı̄ns; … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Beņkovskis, Konstantīns; … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Benkovskis, Konstantīns; Bielskis, … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Beņkovskis, Konstantīns; … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission: post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Benkovskis, Konstantīns; Bielskis, … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine european credit registers

De Jonghe, Olivier; Benkovskis, Konstantins; Bielskis, … - 2025

Book / Working Paper

Household borrowing and monetary policy transmission : post-pandemic insights from nine European credit registers

De Jonghe, Olivier; Beņkovskis, Konstantīns; … - 2026

Book / Working Paper

Endogenous bank risks and the lending channel of monetary policy

Araujo, Gabriela; Rivero, David; Rodríguez, Hugo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015655489

Informal labor market, inflation and monetary policy

Piscopo, Aniello - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609214

Bond funds' risk taking and monetary policy

Anyphantakē, Sophia; Giannakidis, Haris; … - 2026

Using granular security-level data from bond funds domiciled in the US and the euro area, we identify a market-based risk-taking channel of monetary policy transmission via the credit-risk and the maturity structure of bond funds' portfolios. We measure credit risk at the fund level as the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015610151

Stablecoins and monetary policy transmission

Altavilla, Carlo; Boucinha, Miguel; Burlon, Lorenzo; … - 2026

This paper studies the effects of stablecoin adoption-crypto-assets designed to maintain a stable value relative to a reference asset-on bank intermediation and the transmission of monetary policy. Using evidence from the rapid expansion of stablecoins combined with confidential granular data on...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015610815

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Stablecoins and monetary policy transmission

Altavilla, Carlo; Boucinha, Miguel; Burlon, Lorenzo; … - 2026

Book / Working Paper

Still Packing a Punch : Monetary Policy Transmission in a New Cross-Country High-Frequency Dataset

Emeksiz, Ece Ozge - 2026

This paper assesses the transmission of monetary policy using a new state-of-the-art intra-day dataset of monetary policy shocks for 16 advanced economies and emerging markets, the most comprehensive cross-country coverage to date. Using 30-minute windows around policy announcements, we...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612654

The Nuanced Role of Government Credit in Monetary Policy Transmission

Chen, Sophia - 2026

We investigate the role of government credit in monetary policy transmission, using detailed credit registry data from Brazil. We find that government direct credit can effectively support small and medium-sized enterprises (SMEs) in a tight monetary policy environment, aligning with...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612709

Regional effects on the interaction between financial inclusion and monetary policy : a high frequency approach for China

Aktar, Mahbuba; El-Shagi, Makram; Gerth, Florian - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015613465

Monetary policy, deposit funding shocks, and bank credit supply : bank-level IV evidence

Xu, Chenning - 2026

This paper examines how monetary tightening transmits to bank credit supply through deposit funding conditions during the 2022-23 cycle. Using a quarterly panel of more than 3,800 US commercial banks, it constructs predetermined exposure indices measuring depositor sophistication, branch...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614173

Monetary policy transmission to consumption : inequalities by gender and race

Puig, Aina - 2026

This paper estimates the causal effects of monetary policy shocks on household consumption, with additional analysis of labor market and income responses, disaggregated by gender and race. I find that contractionary monetary policy reduces consumption more for black than white households, with...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614177

Dollar dominance and the transmission of monetary policy

McLeay, Michael; Tenreyro, Silvana - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614188

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Dollar dominance and the transmission of monetary policy

McLeay, Michael; Tenreyro, Silvana - 2026

Book / Working Paper

Firm level heterogeneity and the impact of monetary policy on labour demand

Bijnens, Gert; Hutchinson, John; Saint-Guilhem, Arthur - 2026

Monetary policy asymmetrically affects the response of firms' employment to an output shock and plays a role in cushioning employment adjustment over the business cycle. Combining annual firmlevel data until 2020 with quarterly firm-level data until 2023 and highfrequency monetary policy...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614829

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Firm level heterogeneity and the impact of monetary policy on labour demand

Bijnens, Gert; Hutchinson, John; Saint-Guilhem, Arthur - 2026

Book / Working Paper

Heterogeneous effects of monetary policy surprises on bond fund flows

Blanco, Sébastien; Koomen, Miriam; Yeşin, Pınar - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015615519

Are there asymmetries in euro area monetary policy?

Pfarrhofer, Michael; Stelzer, Anna - 2026

We assess asymmetries, nonlinearities and state dependencies in dynamic responses of the euro area to monetary policy shocks. The dataset includes macroeconomic, financial, and survey-based variables measuring credit conditions and bank lending transmission channels. These data are observed at...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015615809

Synchronous but dissimilar: heterogeneity in the bank lending channel across the euro area

Ferstl, Robert; Graf, Bernhard - 2026

The following study analyzes the transmission of monetary policy to bank lending in the euro area. It focuses particularly on the heterogeneity in the speed and strength of propagation of monetary policy shocks across euro area countries. We employ instrumental variables, based on common euro...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015615822

The spillovers of LSAPs on banks in the euro area

Graziano, Marco; Koechlin, Marius; Tischbirek, Andreas - 2026

We study the spillovers of large-scale asset purchases (LSAPs) in the U.S. on financial intermediation in the euro area using bank-level supervisory data and high-frequency identified policy surprises. Our detailed panel data permit us to trace the impact of LSAPs through bank balance sheets. We...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015592007

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The spillovers of LSAPs on banks in the euro area

Graziano, Marco; Koechlin, Marius; Tischbirek, Andreas - 2026

Book / Working Paper

A monetary policy perspective on the euro area fiscal reaction function

Wolswijk, Guido Franciscus Theodorus - 2026

This paper examines how fiscal policy in the euro area reacts to monetary policy, by estimating fiscal policy reaction functions for the period 1999-2019. Inclusion of the monetary policy stance in the fiscal reaction function, approximated by a shadow interest rate, is a relatively novel aspect...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015592601

Private money and public debt. U.S. Stablecoins and the global safe asset channel

Ferrari, Massimo Minesso; Siena, Daniele - 2026

This paper studies the international macro-financial implications of U.S. dollar-backed payment stablecoins. These digital assets create a new global safe asset channel that links private money creation and global payment needs directly to U.S. public debt. By reshaping the demand for safe...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015592687

Understanding the inflation-output relationship across business cycle phases

Cardamone, Dario; De Santis, Roberto A. - 2026

We examine the state dependence of monetary policy transmission and the parameters of the Phillips curve, dynamic IS equation, and Taylor rule across four regimes defined by joint deviations of inflation from the Federal Reserve's target and output from potential. The analysis uncovers important...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015592690

Capital inflow shocks and convenience yields

Ben Zeev, Nadav; Ben-Ze'ev, Noam; Nathan, Daniel - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015593005

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Capital inflow shocks and convenience yields

Ben Zeev, Nadav; Ben-Ze'ev, Noam; Nathan, Daniel - 2025

Book / Working Paper

U.S .- Korea yield synchronization and its implications for monetary policy transmission

Kim, Jihyun; Kim, Somin; Kwak, Boreum - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015605080

Monetary policy exposure of banks and loan contracting

Degerli, Ahmet; Wang, Jing - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015605580

Homeowners insurance and the transmission of monetary policy

Damast, Dominik; Kubitza, Christian; Sørensen, Jakob Ahm - 2026

We document a novel transmission channel of monetary policy through the homeowners insurance market. On average, contractionary monetary policy shocks result in higher homeowners insurance prices. Using granular data on insurers' balance sheets, we show that this effect is driven by the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015606835

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Homeowners insurance and the transmission of monetary policy

Damast, Dominik; Kubitza, Christian; Sørensen, Jakob Ahm - 2025

Book / Working Paper

International spillovers from Euro Area monetary policy to advanced small open economies: investment behavior of Czech firms

Audzei, Volha; Franta, Michal - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015625661

Households' inflation expectations and consumption in macroeconomic models : a negative real income channel

Mašek, Frantisek - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015625682

Euroisation and the bank lending channel of monetary policy : evidence from Czechia

Gric, Zuzana; Janků, Jan; Malovaná, Simona - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015625688

External shocks, fiscal transmission mechanisms, and macroeconomic volatility : evidence from Ecuador

Diaz-Kovalenko, Igor Ernesto - 2026

This paper investigates how external shocks propagate through fiscal transmission mechanisms in a commodity-dependent economy within a dynamic macroeconomic framework. The study contributes to the literature on macroeconomic fluctuations by examining the interaction between external revenue...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015626038