Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/184979 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Working Papers in Economics and Statistics No. 2018-01
Verlag: 
University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon), Innsbruck
Zusammenfassung: 
We study the transmission of monetary policy shocks to loan volumes using a structural VAR. To disentangle different transmission channels, we use aggregated data from the market for large certificates of deposits and apply a sign restrictions approach. We find that although the standard bank lending channel as well as the recently formulated risk-pricing channel (Disyatat, 2011; Kishan and Opiela, 2012) contribute to the transmission of policy shocks, the effects associated with the risk-pricing channel are quantitatively stronger. Our results also show that policy shocks give rise to non-negligible effects on loan demand.
Schlagwörter: 
bank lending channel
risk-pricing channel
external finance premium
structural vector autoregression
sign restrictions
JEL: 
C32
E44
E52
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
3.61 MB





Publikationen in EconStor sind urheberrechtlich geschützt.