Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/216790
Authors: 
Ciccarelli, Matteo
Maddaloni, Angela
Peydró, José-Luis
Year of Publication: 
2015
Citation: 
[Journal:] Review of Economic Dynamics [ISSN:] 1096-6099 [Volume:] 18 [Issue:] 4 [Pages:] 979-1002
Abstract: 
Credit supply and demand changes are mostly unobserved, thus identifying completely the transmission of monetary policy through the credit channel is unfeasible. Bank lending surveys by central banks, however, contain reliable quarterly information on changes in loan conditions due to bank, firm and household balance sheet strength and on changes in loan demand. Using the U.S. and the unique Euro area surveys, we find that the credit channel amplifies a monetary policy shock on GDP and prices, through the balance-sheets of households, firms and banks. For corporate loans, amplification is highest through the bank lending and the borrower's balance sheet channel; for households, demand is the strongest channel.
Subjects: 
credit channel
firm and household balance-sheet channels
bank lending channel
credit crunch
credit supply
monetary policy
JEL: 
E32
E44
G01
G21
Published Version’s DOI: 
Document Type: 
Article
Document Version: 
Manuscript Version (Preprint)

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