Paper #1724

Títol:

Trusting the bankers: A new look at the credit channel of monetary policy

Autors:

Matteo Ciccarelli, Angela Maddaloni i José-Luis Peydró

Data:

Juliol 2013

Resum:

Credit supply and demand changes are mostly unobserved, thus identifying completely the transmission of monetary policy through the credit channel is unfeasible. Bank lending surveys by central banks, however, contain reliable quarterly information on changes in loan conditions due to bank, Örm and household balance sheet strength and on changes in loan demand. Using the U.S. and the unique Euro area surveys, we find that the credit channel amplifies a monetary policy shock on GDP and prices, through the balance-sheets of households, firms and banks. For corporate loans, amplification is highest through the bank lending and the borrowerís balance sheet channel; for households, demand is the strongest channel.

Paraules clau:

Credit channel, firm and household balance-sheet channels, bank lending channel, credit crunch, credit supply, monetary policy.

Codis JEL:

E32, E44, E5, G01, G21.

Àrea de Recerca:

Finances i Comptabilitat

Publicat a:

Review of Economic Dynamics, October 2015, 18(4): 979-1002

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