Ciccarelli, MatteoMaddaloni, AngelaPeydró, José-LuisUniversitat Pompeu Fabra. Departament d'Economia i Empresa2024-11-142024-11-142013-07-01Review of Economic Dynamics, October 2015, 18(4): 979-1002http://hdl.handle.net/10230/68608Credit 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.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative CommonsTrusting the bankers: A new look at the credit channel of monetary policy<resourceType xmlns="http://datacite.org/schema/kernel-3" resourceTypeGeneral="Other">info:eu-repo/semantics/workingPaper</resourceType><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">credit channel</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">firm and household balance-sheet channels</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">bank lending channel</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">credit crunch</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">credit supply</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">monetary policy.</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">Finance and Accounting</subject><rights xmlns="http://datacite.org/schema/kernel-3">info:eu-repo/semantics/openAccess</rights>