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.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:47Z
- dc.date.available 2024-11-14T10:09:47Z
- dc.date.issued 2013-07-01
- dc.date.modified 2024-11-14T10:07:09Z
- 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, Ã rm 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 borrowerÃs balance sheet channel; for households, demand is the strongest channel.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1724
- dc.identifier.citation Review of Economic Dynamics, October 2015, 18(4): 979-1002
- dc.identifier.uri http://hdl.handle.net/10230/68608
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1724
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword credit channel
- dc.subject.keyword firm and household balance-sheet channels
- dc.subject.keyword bank lending channel
- dc.subject.keyword credit crunch
- dc.subject.keyword credit supply
- dc.subject.keyword monetary policy.
- dc.subject.keyword Finance and Accounting
- dc.title Trusting the bankers: A new look at the credit channel of monetary policy
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper