@techreport{Hulsewig2004Bank,
abstract = {This paper addresses the credit channel in Germany by using aggregate
data. We present a stylized model of the banking firm, in which banks decide on their loan supply in the light of uncertainty about the future course
of monetary policy. Applying a vector error correction model (VECM),
we estimate the response of bank loans after a monetary policy shock in
consideration of the reaction of the output level and the loan rate. We
estimate our model to characterize the response of bank loans by matching
the theoretical impulse responses with the empirical impulse responses to
a monetary policy shock. Evidence in support of the credit channel can be
reported.},
author = {Oliver H\"{u}lsewig and Eric Mayer and Timo Wollmersh\"{a}user},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E44; E52; 330; Monetary policy transmission; credit channel; loan supply; loan demand; minimum distance estimation; Kreditkanal; Kredit; Transmissionsmechanismus; Geldpolitik; Schock; Sch\"{a}tzung; Deutschland},
language = {eng},
number = {54},
title = {Bank Loan Supply and Monetary Policy Transmission in Germany: An Assessment based on Matching Impulse Responses},
type = {W\"{u}rzburg economic papers},
url = {http://hdl.handle.net/10419/22347},
year = {2004}
}
