Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/73761
Authors: 
Hülsewig, Oliver
Mayer, Eric
Wollmershäuser, Timo
Year of Publication: 
2005
Series/Report no.: 
Ifo Working Paper 14
Abstract: 
This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking firm in which banks decide on their loan supply in the light of expectations about the future course of monetary policy. Applying a VAR model, we estimate the response of bank loans to a monetary policy shock taking into account the reaction of the output level and the loan rate. We estimate our model to evaluate the response of bank loansby matching the theoretical impulse responses with the empirical impulse responses to a monetary policy shock. Evidence in support of the credit channel can be reported.
Subjects: 
Monetary policy transmission
credit channel
loan supply
minimum distance estimation
JEL: 
E44
E52
Document Type: 
Working Paper

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