全球智库信息集成服务系统(G2TT): DP11584 Mending the broken link: heterogeneous bank lending and monetary policy pass-through

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP11584
	DP11584 Mending the broken link: heterogeneous bank lending and monetary policy pass-through
	Fabio Canova; Matteo Ciccarelli; Carlo Altavilla
发表日期	2016-10-19
出版年	2016
语种	英语
摘要	We analyse the pass-through of monetary policy measures to lending rates to firms and households in the euro area using a unique bank-level dataset. Banks’ characteristics such as the capital ratio and the exposure to sovereign debt are responsible for the heterogeneity of pass-through of conventional monetary policy changes. The location of a bank is instead irrelevant. Non-standard measures normalized the capacity of banks to grant loans resulting in a significant compression in lending rates. Banks with a high level of non-performing loans and a low capital ratio were the most responsive to the measures. Finally, we quantify the effects of non-standard policies on the real economic activity using a standard macroeconomic model and find that in absence of these measures both inflation and output gap would have been significantly lower.
主题	Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词	Monetary pass-through European banks Heterogeneity Vars
URL	https://cepr.org/publications/dp11584
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/540397
推荐引用方式 GB/T 7714	Fabio Canova,Matteo Ciccarelli,Carlo Altavilla. DP11584 Mending the broken link: heterogeneous bank lending and monetary policy pass-through. 2016.