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Effects of Unconventional Monetary Policy on European Corporate Credit

Machiel van Dijk and Andrei Dubovik ()
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Machiel van Dijk: CPB Netherlands Bureau for Economic Policy Analysis
Andrei Dubovik: CPB Netherlands Bureau for Economic Policy Analysis

CPB Discussion Paper from CPB Netherlands Bureau for Economic Policy Analysis

Abstract: In this paper we investigate whether the targeted longer-term refinancing operations (TLTRO) and the asset purchase program (APP) led to lower interest rates on new corporate credit, and whether the signalling channel and the capital relief channel played any role in the transmission of these ECB policies. We find that both APP and TLTRO contributed to lower long-term interest rates on new corporate credit and to flatter yield curves, with APP having a stronger effect. However, we find no support that either the signalling or the capital relief channel were conducive in this respect.

JEL-codes: E43 E58 G21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
Date: 2018-02
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Persistent link: https://EconPapers.repec.org/RePEc:cpb:discus:372

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