Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/334982 
Year of Publication: 
2025
Series/Report no.: 
ECB Working Paper No. 3097
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
This paper explores empirically the cost channel of monetary policy transmission during the recent period of monetary policy tightening in the euro area. We combine unique data on firms' selling price expectation from the Survey on the access to finance of enterprises (SAFE), information on firms' borrowing from the euro area-wide credit register (AnaCredit) and ECB monetary policy surprises. Firms revise upwards their one-year-ahead selling price expectations following monetary announcements in a tightening cycle and this effect increases in firms' working capital exposure. The paper provides supportive evidence on the existence of a cost channel of monetary policy, adding to our understanding of monetary policy transmission to firms in the euro area.
Subjects: 
Firm financing
Monetary policy
Selling price expectations
JEL: 
G30
E52
D84
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-7422-6
Document Type: 
Working Paper

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