Monetary and macroprudential policy complementarities: Evidence from European credit registers
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- dc.contributor.author Altavilla, Carlo
- dc.contributor.author Laeven, Luc
- dc.contributor.author Peydró, José-Luis
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:56Z
- dc.date.available 2024-11-14T10:09:56Z
- dc.date.issued 2021-03-01
- dc.date.modified 2024-11-14T10:07:47Z
- dc.description.abstract We show strong complementarities between monetary and macroprudential policies in influencing credit. We exploit credit register data - crucially from multiple (European) countries and for both corporate and household credit - in conjunction with monetary policy surprises and indicators of macroprudential policy actions. Expansive monetary policy boosts lending more in accommodative macroprudential environments. This complementary effect of monetary and macroprudential policy is stronger for: (i) expansionary (as opposed to contractionary) monetary policy; (ii) riskier borrowers; (iii) less capitalized banks (especially when lending to riskier borrowers); (iv) consumer and corporate loans (rather than mortgages); and (v) more (ex-ante) productive firms (especially for less capitalized banks).
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1773
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/68649
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1773
- 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 registers
- dc.subject.keyword household loans
- dc.subject.keyword corporate loans
- dc.subject.keyword monetary policy
- dc.subject.keyword macroprudential policy
- dc.subject.keyword Finance and Accounting
- dc.title Monetary and macroprudential policy complementarities: Evidence from European credit registers
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper