全球智库信息集成服务系统(G2TT): DP15298 The Great Lockdown: pandemic response policies and bank lending conditions

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP15298
	DP15298 The Great Lockdown: pandemic response policies and bank lending conditions
	Carlo Altavilla; Francesca Barbiero; Miguel Boucinha; Lorenzo Burlon
发表日期	2020-09-16
出版年	2020
语种	英语
摘要	This study analyses the policy measures taken in the euro area in response to the outbreak and the escalating diffusion of new coronavirus (COVID-19) pandemic. We focus on monetary, microprudential and macroprudential policies designed specifically to support bank lending conditions. For identification, we use proprietary data on participation in central bank liquidity operations, high-frequency reactions to monetary policy announcements, and confidential supervisory information on bank capital requirements. The results show that in the absence of the funding cost relief and capital relief associated with the pandemic response measures, banks' ability to supply credit would have been severely affected. The results also indicate that the coordinated intervention by monetary and prudential authorities amplified the effects of the individual measures in supporting liquidity conditions and helping to sustain the flow of credit to the private sector. Finally, we investigate the potential real effects of the joint pandemic response measures by estimating the adjustment in labour input variables for firms that in the past have been more exposed to similar policies. We find that, in absence of monetary and prudential policies, the pandemic would lead to a significantly larger decline in firms' employment.
主题	Financial Economics ; Monetary Economics and Fluctuations
关键词	Covid-19 crisis monetary policy Bank lending Prudential policy
URL	https://cepr.org/publications/dp15298
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/544276
推荐引用方式 GB/T 7714	Carlo Altavilla,Francesca Barbiero,Miguel Boucinha,et al. DP15298 The Great Lockdown: pandemic response policies and bank lending conditions. 2020.