This paper employs a structural VAR framework with sign restrictions to estimate the effects of unconventional monetary policies of the European Central
Bank since the Global Financial Crisis, mainly in their effectiveness towards bank
lending. Using a variable for newly issued credit instead of the outstanding stock
of credit, the effects on bank lending are smaller than found in previous similar
studies for the Euro area.
article pub. typess JER
Research article
article languages JER
Englisch
JEL-Classification for JER
C32 - Time-Series Models ; E30 - General ; E44 - Financial Markets and the Macroeconomy ; E51 - Money Supply; Credit; Money Multipliers ; E52 - Monetary Policy ; E58 - Central Banks and Their Policies