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Trusting the bankers: a new look at the credit channel of monetary policy

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dc.contributor.author Ciccarelli, Matteo
dc.contributor.author Maddaloni, Angela
dc.contributor.author Peydró, José-Luis
dc.date.accessioned 2020-05-22T08:16:23Z
dc.date.available 2020-05-22T08:16:23Z
dc.date.issued 2014-06
dc.identifier.uri http://hdl.handle.net/10230/44647
dc.description.abstract Credit supply and demand changes are mostly unobserved, thus identifying completely the transmission of monetary policy through the credit channel is unfeasible. Bank lending surveys by central banks, however, contain reliable quarterly information on changes in loan conditions due to bank, firm and household balance sheet strength and on changes in loan demand. Using the U.S. and the unique Euro area surveys, we find that the credit channel amplifies a monetary policy shock on GDP and prices, through the balance-sheets of households, firms and banks. For corporate loans, amplification is highest through the bank lending and the borrower's balance sheet channel; for households, demand is the strongest channel.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.subject.other Credit channel
dc.subject.other Firm and household balance-sheet channels
dc.subject.other Bank lending channel
dc.subject.other Credit crunch
dc.subject.other Credit supply
dc.subject.other Monetary policy
dc.title Trusting the bankers: a new look at the credit channel of monetary policy
dc.type info:eu-repo/semantics/workingPaper
dc.rights.accessRights info:eu-repo/semantics/openAccess


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