Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/232034
Authors: 
Altavilla, Carlo
Laeven, Luc
Peydró, José-Luis
Year of Publication: 
2021
Abstract: 
We show strong complementarities between monetary and macroprudential policies in influencing credit. We exploit credit register data - crucially from multiple (European) countries and for both corporate and household credit - in conjunction with monetary policy surprises and indicators of macroprudential policy actions. Expansive monetary policy boosts lending more in accommodative macroprudential environments. This complementary effect of monetary and macroprudential policy is stronger for: (i) expansionary (as opposed to contractionary) monetary policy; (ii) riskier borrowers; (iii) less capitalized banks (especially when lending to riskier borrowers); (iv) consumer and corporate loans (rather than mortgages); and (v) more (ex-ante) productive firms (especially for less capitalized banks).
Subjects: 
credit registers
household loans
corporate loans
monetary policy
macroprudential policy
JEL: 
G21
G28
G32
G51
E58
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.