Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/246175 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ECB Working Paper No. 2598
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We study the transmission of (unconventional) monetary policy to the real sector when firm decisions depend on both current and future credit market conditions. For a given level of current credit access, investment and employment increases more at firms expecting bank credit to improve in the future. Three separate unconventional policies by the ECB- the OMT, the introduction of negative rates, and the CSPP-improved expectations of future credit access for SMEs borrowing from banks that were expected to increase SME lending due to the policy. Our results enhance our understanding of the bank balance sheet channel of monetary policy.
Schlagwörter: 
Unconventional monetary policy
funding expectations
corporate investment
JEL: 
D22
D84
E58
G21
H63
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4821-0
Dokumentart: 
Working Paper

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