文章基本信息

标题：Trusting the bankers: a new look at the credit channel of monetary policy
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作者：Matteo Ciccarelli ; Angela Maddaloni ; José-Luis Peydró 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2010
出版社：European Central Bank
摘要：Any empirical analysis of the credit channel faces a key identification challenge: changes in credit supply and demand are di􀀡cult to disentangle. To address this issue, we use the detailed answers from the US and the confidential and unique Euro area bank lending surveys. Embedding this information within a standard VAR model, we find that: (1) the credit channel is active through the balance-sheets of households, firms and banks; (2) the credit channel amplifies the impact of a monetary policy shock on GDP and inflation; (3) for business loans, the impact through the (supply) bank lending channel is higher than through the demand and balance-sheet channels. For household loans the demand channel is the strongest; (4) during the crisis, credit supply restrictions to firms in the Euro area and tighter standards for mortgage loans in the US contributed significantly to the reduction in GDP.
关键词：Non-financial borrower balance-sheet channel; Bank lending channel; Credit;channel; Credit crunch; Lending standards; Monetary policy