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

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.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.ca
dc.format.mimetype application/pdf*
dc.identifier.uri http://hdl.handle.net/10230/44647
dc.language.iso engca
dc.rights.accessRights info:eu-repo/semantics/openAccessca
dc.subject.other Credit channelca
dc.subject.other Firm and household balance-sheet channelsca
dc.subject.other Bank lending channelca
dc.subject.other Credit crunchca
dc.subject.other Credit supplyca
dc.subject.other Monetary policyca
dc.title Trusting the bankers: a new look at the credit channel of monetary policyca
dc.type info:eu-repo/semantics/workingPaperca

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