arXiv 11 Jul 2018 · Econometrics · 1 citations (OpenAlex)
arXiv:1807.04161 · PDF · DOI · OpenAlex · Extracted main text
This paper analyzes the bank lending channel and the heterogeneous effects on the euro area, providing evidence that the channel is indeed working. The analysis of the transmission mechanism is based on structural impulse responses to an unconventional monetary policy shock on bank loans. The Bank Lending Survey (BLS) is exploited in order to get insights on developments of loan demand and supply. The contribution of this paper is to use country-specific data to analyze the consequences of unconventional monetary policy, instead of taking an aggregate stance by using euro area data. This approach provides a deeper understanding of the bank lending channel and its effects. That is, an expansionary monetary policy shock leads to an increase in loan demand, supply and output growth. A small north-south disparity between the countries can be observed.
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The works this paper leans on most, across its whole bibliography — not restricted to papers in our corpus. Ranked by composite intensity, which combines how often a work is mentioned, how many sections mention it, and how much of that falls in the main text rather than the appendix.
| Reference | Intensity | Mentions | Sections | Main text | |
|---|---|---|---|---|---|
| 1 | Boeckx, Jef, Dossche, Maarten, Peersman, Gert (2017) Effectiveness and Transmission of the ECB's Balance Sheet Policies | 1.000 | 7 | 3 | 100% |
| 2 | Ciccarelli, Matteo, Maddaloni, Angela, Peydró, José-Luis (2013) Heterogeneous transmission mechanism: monetary policy and financial fragility in the eurozone | 1.000 | 5 | 3 | 100% |
| 3 | Albertazzi, Ugo, Nobili, Andrea, Signoretti, Federico M (2016) The bank lending channel of conventional and unconventional monetary policy | 0.928 | 4 | 3 | 100% |
| 4 | Trichet, Jean Claude (2009) The ECB’s enhanced credit support | 0.928 | 4 | 3 | 100% |
| 5 | Lenza, Michele, Pill, Huw, Reichlin, Lucrezia (2010) Monetary policy in exceptional times | 0.843 | 3 | 3 | 100% |
| 6 | Cour-Thimann, Philippine, Winkler, Bernhard (2013) The ECB’s non-standard monetary policy measures | 0.737 | 3 | 2 | 100% |
| 7 | Huber, Florian, Feldkircher, Martin (2017) Adaptive shrinkage in Bayesian vector autoregressive models | 0.644 | 4 | 1 | 100% |
| 8 | Bernanke, Ben S, Gertler, Mark (1995) Inside the black box: the credit channel of monetary policy transmission | 0.644 | 2 | 2 | 100% |
| 9 | Ciccarelli, Matteo, Maddaloni, Angela, Peydró, José-Luis (2015) Trusting the bankers: A new look at the credit channel of monetary policy | 0.644 | 2 | 2 | 100% |
| 10 | Couaillier, Cyril (2015) Do Loan Terms and Conditions Channel ECB's Monetary Policy? Applying Bayesian and Panel VAR to the Bank Lending Survey | 0.644 | 2 | 2 | 100% |
Showing the top 10 of 37 scored citations.