| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17056 |
| DP17056 The Augmented Bank Balance-Sheet Channel of Monetary Policy | |
| Christian Bittner; Diana Bonfim; Florian Heider; Farzad Saidi; Glenn Schepens | |
| 发表日期 | 2022-02-21 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper studies how banks' balance sheets and funding costs interact in the transmission of monetary-policy rates to banks' credit supply to firms. To do so, we use credit-registry data from Germany and Portugal together with the European Central Bank's policy-rate cuts in mid-2014. The pass-through of the rate cuts to banks' funding costs differs across the euro-area currency union because deposit rates vary in their distance to the zero lower bound (ZLB). When the distance is shorter, banks' financing constraints matter less for the supply of credit and there is more risk taking. To rationalize these findings, we provide a simple model of an augmented bank balance-sheet channel where in addition to costly external financing, there is screening of borrowers and a ZLB on retail deposit rates. An impaired pass-through of monetary policy to banks' funding costs reduces their ability to lever up and weakens their lending standards. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Transmission of monetary policy Bank lending Bank risk taking Bank balance sheets Euro-area heterogeneity |
| URL | https://cepr.org/publications/dp17056 |
| 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/546016 |
| 推荐引用方式 GB/T 7714 | Christian Bittner,Diana Bonfim,Florian Heider,et al. DP17056 The Augmented Bank Balance-Sheet Channel of Monetary Policy. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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