Unconventional Monetary Policy Effects on Bank Lending in the Euro Area
No 2017-002, Jena Economic Research Papers from Friedrich-Schiller-University Jena
This paper employs a structural VAR framework with sign restrictions to estimate the effects of unconventional monetary policies of the European Central Bank since the Global Financial Crisis, mainly in their effectiveness towards bank lending. Using a variable for newly issued credit instead of the outstanding stock of credit, the effects on bank lending are smaller than found in previous similar studies for the Euro area.
Keywords: unconventional monetary policy; zero lower bound; bank lending; SVAR (search for similar items in EconPapers)
JEL-codes: C32 E30 E44 E51 E52 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:jrp:jrpwrp:2017-002
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