Altavilla, CarloLaeven, LucPeydró, José-LuisUniversitat Pompeu Fabra. Departament d'Economia i Empresa2024-11-142024-11-142021-03-01http://hdl.handle.net/10230/68649We 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).application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative CommonsMonetary and macroprudential policy complementarities: Evidence from European credit registers<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 registers</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">household loans</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">corporate loans</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">monetary policy</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">macroprudential 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>